Magna: Life Goes On, Without Opel

Even if didn't manage to take over German brand Opel, Magna isn't looking to obtain compensation from General Motors, founder Frank Stronach said in a statement, emphasizing that the Canadian - Austrian partsmaker wants to continue to focus on its core business.

He told the Financial Times Deutschland that "life goes on" and Magna will support both General Motors and Opel in the supplying business. The company issued a statement yesterday, thanking the US-based manufacturer and Sberbank for the support showed during negotiations.

"We understand that the Board concluded that it was in GM's best interests to retain Opel, which plays an important role within GM's global organization. We will continue to support Opel and GM in the challenges ahead and wish to thank everyone who supported the Opel restructuring process for their tireless efforts and dedication over the past several months. In particular, we wish to thank our partner, Sberbank, for its significant contribution and support throughout this process,"
Siegfried Wolf, Magna's Co-Chief Executive Officer, stated in an official statement.

Don Walker, co-CEO for the Canadian - Austrian partsmaker, said that Magna will now focus on the supplying business and doesn't plan to purchase any other automakers for the time being.

"We're not looking at any other transactions in that space," Walker said in a conference call.

German Chancellor Angela Merkel, who supported Magna International all the time, was surprised by GM's decision and called for a meeting with Barack Obama to discuss the hidden details. Furthermore, Russian Prime Minister Vladimir Putin said the deal is not over yet as the Opel trust is the one that must make a final decision.


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