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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 »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.
View Photo »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.
View 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.
View 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.
View 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.
View 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.
View 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.
View 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.
View 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.
View 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.
View 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.
View Photo »German Gref, Chief Executive of state-controlled Russian bank Sberbank, speaks during the World Grain Forum in St. Petersburg, June 6, 2009.
View Photo »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.
View 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.
View Photo »Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
View Photo »Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
View Photo »Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
View Photo »Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
View Photo »Chief Executive German Gref of Russian state-controlled Sberbank speaks during a press briefing in St.Petersburg, June 4, 2009.
View 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.
View 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.
View Photo »A customer leaves the local office of Russia's Sberbank in central Moscow January 27, 2009.
View Photo »People buy books under a currency exchange advertisement of Sberbank, Russia�s giant state-owned savings bank, in Moscow November 18, 2009. Sberbank has recently announced huge job cuts that will affect 10 percent of its 267,000 employees by year-end.
View Photo »People walk under a currency exchange advertisement banner of Sberbank, Russia�s giant state-owned savings bank, in Moscow November 18, 2009. Sberbank has recently announced huge job cuts that will affect 10 percent of its 267,000 employees by year-end.
View Photo »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.
View Photo »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
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
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
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
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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