GM Europe President: Magna the Best for Opel!

Following the official announcement that General Motors will sell 55 percent of Opel to Magna and Sberbank, GM Europe President and Chairman of the Adam Opel GmbH Supervisory Board Carl-Peter Forster stepped in front of the media and said that Magna "is the most sensible solution for Opel". Pretty awkward since the former US bankrupt automaker was backing Belgium investor RHJ for a long time...

"We are very pleased that the General Motors Board has made a decision. The Board believes that a cooperation with the Magna Group is the most sensible solution for Opel. This is a milestone on the way to a promising future for our company," Forster said in a statement for the press.

"This GM recommendation is a decisive step. But there are still many necessary steps we must make before we reach the end of this path. Everyone involved – the company, state and local governments and the Opel Trust – will continue to work hard to take this recommendation to the next level so that it ultimately results in a binding agreement."

As mentioned, Magna and Sberbank will take control of a 55 percent stake in Opel, with General Motors to continue to hold 35 percent of the German brand. Opel's employees will receive a 10 percent stake in the "new" Opel.

"It is important to emphasize the fact that a future with Magna does not constitute a break from GM. It has always been clear to us that the only way Opel can be successful is to continue with GM. So even in a cooperation with Magna, GM will continue to be the biggest single shareholder, and we will continue our close cooperation with GM, be it in product development, global purchasing, and in other areas," he said.

"After such intensive talks, we are happy that this solution could finally be reached and we look forward to collaboration with our partners Magna and GM. With Magna, we have a partner who knows well the automotive business, has a great business network and offers Opel new opportunities for the future, such as excellent prospects in the Russian market."
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About the author: Bogdan Popa
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Bogdan keeps an eye on how technology is taking over the car world. His long-term goals are buying an 18-wheeler because he needs more space for his kid’s toys, and convincing Google and Apple that Android Auto and CarPlay deserve at least as much attention as their phones.
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