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Don't pay much heed to the wailing from Germany about General Motors Co.'s decision, after all, to keep its Adam Opel GmbH unit. Full Article at Detroit News Online
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GM is keeping its European Opel unit and restructure it instead of selling a 55 percent stake to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank. Full Article at USA Today
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Russian Prime Minister Vladimir Putin, right, and Sberbank President German Gref, left, attend an international investment forum in the Black Sea resort of Sochi, which is hosting the 2014 Winter Olympics, Russia, Friday, Sept. 18, 2009. View Photo »
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GM’s decision to cancel the sale of Opel to the consortium of Magna and Sberbank will not cause harm to the interests of Russia
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FRANKFURT - Opel's top German labor leader said on Sunday he was willing to hold negotiations over a restructuring of the European carmaker under its parent General Motors so long as it gains greater independence. Full Article at International Business Times
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Nov. 9 (Bloomberg) -- Russian stocks rallied the most among global equity markets and the ruble strengthened to the highest level this year as oil climbed above $78 a barrel and the Group of 20 nations agreed to maintain stimulus efforts. Full Article at Bloomberg.com
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The DetN, the unofficial in-house organ of GM, reports (without flinching) that GM officials “still hope to negotiate an agreement with Magna and Russian automaker GAZ. Full Article at The Truth About Cars
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German Gref, CEO of Russian Sberbank and Siegfried Wolf (L) co-CEO of auto part producer Magna Inc. follow the presentation of Opel chairman Carl-Peter Forster at a Opel press conference during the media day at the international car show "IAA" in Frankf... View Photo »
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The Russian government expressed its surprise on 4 November at the decision by US car giant General Motors to hold onto its European subsidiary Opel and not to sell it. Full Article at New Europe News
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DETROIT, Nov. 8 (UPI) -- U.S. automaker General Motors says it is pushing ahead with plans to work with Canadian parts supplier Magna International Inc. on a Russian production deal. Full Article at United Press International
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AP Photo
Russian Prime Minister Vladimir Putin, right, and Sberbank President German Gref, left, attend an international investment forum in the Black Sea resort of Sochi, which is hosting the 2014 Winter Olympics, Russia, Friday, Sept. 18, 2009.
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Reuters Pictures
German Gref, CEO of Russian Sberbank and Siegfried Wolf (L) co-CEO of auto part producer Magna Inc. follow the presentation of Opel chairman Carl-Peter Forster at a Opel press conference during the media day at the international car show "IAA" in Frankfurt, September 15, 2009.
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Reuters Pictures
German Gref, CEO of Russian Sberbank and Siegfried Wolf (R), co-CEO of auto part producer Magna Inc. follow the presentation of Opel chairman Carl-Peter Forster (C) at a Opel press conference during the media day at the international car show "IAA" in Frankfurt, September 15, 2009.
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AP Photo
Chief of Russia's Sberbank German Gref, right, and co-CEO of Austria's Magna company Siegfried Wolf, left, are seen during a press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Chief of Russia's Sberbank Herman Gref, right, and co-CEO of Austria's Magna company Siegfried Wolf, left, are seen during a press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Chief of Russian Sberbank, German Gref, left, and Co-Ceo of Austrian Magna company Siegfried Wolf approach a press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Chief of Russian Sberbank German Gref, left, and Co-Ceo of Austrian Magna company Siegfried Wolf approach a press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Chief of Russian Sberbank, German Gref, left, and Co-Ceo of Austrian Magna company Siegfried Wolf meet in a hotel prior to a press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Chief of Russian Sberbank, German Gref, left, and Co-Ceo of Austrian Magna company Siegfried Wolf, 2nd left, meet in a hotel prior to their press conference in Frankfurt, central Germany, Monday, Sept. 14, 2009.
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AP Photo
Russian Prime Minister Vladimir Putin listens to biggest state-run Sberbank head German Gref, right, in the Novo-Ogaryovo residence late Monday, Aug. 24, 2009.
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AP Photo
Russian Prime Minister Vladimir Putin listens to biggest state-run Sberbank head German Gref, unseen, in the Novo-Ogaryovo residence late Monday, Aug. 24, 2009.
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AP Photo
Russia's Sberbank President German Gref attends the World Grain Forum in St. Petersburg, Russia, Saturday, June 6, 2009. President Dmitry Medvedev said Saturday that the United Nations' food agency should play a key role in helping ensure stable grain prices.
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Reuters Pictures
German Gref, Chief Executive of state-controlled Russian bank Sberbank, speaks during the World Grain Forum in St. Petersburg, June 6, 2009.
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Reuters Pictures
Chief Executive German Gref (R) of state-controlled Russian bank Sberbank and Russia's President Dmitry Medvedev attend the International Economic Forum in St.Petersburg June 5, 2009.
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AP Photo
Russian President Dmitry Medvedev, left, and Sberbank's chairman German Gref seen at an investment forum in St. Petersburg, Russia, Friday, June 5, 2009.
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Reuters Pictures
Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
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Reuters Pictures
Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
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Reuters Pictures
Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
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Reuters Pictures
Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
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Reuters Pictures
Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
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AP Photo
Chairman and CEO, Sberbank, Russia, Herman Gref gestures while speaking during a session at the World Economic Forum in Davos, Switzerland, Thursday Jan. 29, 2009.
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AP Photo
Chairman and CEO, Sberbank, Russia, Herman Gref gestures while speaking during a session at the World Economic Forum in Davos, Switzerland, Thursday Jan. 29, 2009.
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Reuters Pictures
A customer leaves the local office of Russia's Sberbank in central Moscow January 27, 2009.
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AP Photo
Thousands of Opel workers walk along a street in Ruesselsheim, central Germany, Thursday, Nov. 5, 2009.
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AP Photo
The Opel Logo is seen on the rusting hood of an old Opel car at a junk yard in Ludwigsburg, Germany, Thursday, Nov. 5, 2009.
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Reuters Pictures
German Gref, CEO of Russian Sberbank and Siegfried Wolf (L) co-CEO of auto part producer Magna Inc. follow the presentation of Opel chairman Carl-Peter Forster at a Opel press conference during the media day at the international car show "IAA" in Frankfurt, September 15, 2009.
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GM’s decision to cancel the sale of Opel to the consortium of Magna and Sberbank will not cause harm to the interests of Russia
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Try as we might to fashion a deal with Magna and Sberbank that would retain a close tie with General Motors over time, there was really no guarantee that would be the outcome and that sort of leaves potentially a pretty big strategic hole for General Motors to deal with
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Given the significance of the Opel transaction, GM's board will soon meet in its regularly scheduled monthly meeting (November 3) to consider Minister zu Guttenberg's letter and changes to the Magna/Sberbank proposal
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Given the significance of the Opel transaction, GM's board will soon meet in its regularly monthly meeting to consider Minister zu Guttenberg's letter and changes to the Magna/Sberbank proposal that have occurred since its last review on Sept. 9
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Given the significance of the Opel transaction, GM's Board will soon meet in its regularly monthly meeting (November 3) to consider Minister zu Guttenberg's letter and changes to the Magna/Sberbank proposal that have occurred since its last review on September 9
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The hard work over the past two weeks to clarify open issues and resolve details in the German financial package brought GM and its board of directors to recommend Magna and Sberbank
SOURCE: NPR -
We see in the Magna and Sberbank proposal a couple of additional levers that we don't think we ourselves can bring to the party
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