Aurora, Ontario – Ontario-based auto parts manufacturer Magna International, in partnership with Savings Bank of the Russian Federation (Sberbank), has submitted a revised offer to buy Opel.
Under the terms of the revised offer, Magna and Sberbank would jointly acquire 55 per cent interest in Adam Opel GmbH as part of a proposed solution intended to assure the long-term viability of the auto company. The 55 per cent would be owned 50/50 by a Magna/Sberbank consortium, with General Motors Company retaining 35 per cent, and Opel employees acquiring 10 per cent as part of a new labour framework.
The offer was made in response to a request by General Motors for final offers regarding Opel. The Magna/Sberbank consortium’s total equity investment is expected to be €500 million over time.
General Motors is expected to review all submitted offers for Opel and determine the next steps in the sale process. Magna said that if the consortium successfully completes the acquisition, it will put appropriate “firewalls” in place to ensure that its current business will operate independently from Opel.