Berlin, Germany – Ontario-based Magna International is seeking to obtain majority control of Opel, according to Automotive News. The company will use direct and indirect stakes to gain control of the German brand, which General Motors is trying to turn into a separate unit along with the U.K.-based Vauxhall.
The report said that Magna wants to acquire a stake of about 20 per cent in Opel directly, and along with Russian businessman Oleg Deripaska, is considering taking a 50 per cent share, with Deripaska possibly combining with Russian banks for 30 per cent of the share.
Magna is emerging as a rival bidder for Opel along with Fiat, which German politicians and Opel union bosses say is looking for a controlling stake in Opel.
General Motors must sell a significant stake in Opel in order to obtain €3.3 billion in loan guarantees from the German government. Opel has four production facilities in Germany, which employ a total of about 25,000 people.