Magna No Longer Interested in Buying Automakers

Magna International, the big loser of the Opel saga, says it is no more interested in buying automakers and only wants to focus on its core business for the years to come. Don Walker, co-CEO for the Canadian - Austrian partsmaker, said in a statement for Reuters that Magna isn't targeting other moves in the auto sector and will only continue to act as a parts supplier.

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

General Motors decided, after months of negotiations with Magna International, to cancel the sale of Opel and start restructuring using its own resources. GM is now facing an avalanche of criticism, with German officials claiming that Opel has no future under its ownership.

Magna however stated that it will continue to collaborate with Opel and General Motors in the supplying business.

"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.

Under the terms of the deal, Magna could take control of a 55 percent stake in Opel, together with its Russian partner Sberbank. Additionally, GM could retain a 35 percent of the company, with 10 percent going to Opel's employees.