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Author Topic: Is this the new Canadian Car company ?  (Read 1175 times)

Offline tpl

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Is this the new Canadian Car company ?
« on: May 29, 2009, 10:48:51 am »
Magna reaches tentative deal for Opel: report

Reuters
May 29, 2009


General Motors and Canadian auto parts group Magna International have reached an agreement in principle that could rescue ailing German carmaker Opel, sources close to the negotiations said on Friday.

The two sides have been trying to agree on a memorandum of understanding that would serve as the basis for bridge financing of 1.5 billion euros ($2.10 billion Canadian) as well as a trustee solution that would protect Opel from creditors in case parent GM files for Chapter 11 in U.S. bankruptcy court.

"A framework agreement has been reached. The goal is to work out as many of the details as possible before the meeting with (Chancellor Angela) Merkel in order to sign a memorandum of understanding today," one source with knowledge of the talks told Reuters.
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Offline sailor723

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Re: Is this the new Canadian Car company ?
« Reply #1 on: May 29, 2009, 11:06:46 am »
Might make sense for Magna to line up some soon to be ex Saturn stores. I think I saw something in the States where an investor group was looking at US Saturn with an eye to selling rebranded cars sourced from other manufacturers. Subaru of America just acts as a distributer for Fuji. A "new" Saturn in the US could be something similar for Magna/Opel.
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Offline sirAQUAMAN64

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Re: Is this the new Canadian Car company ?
« Reply #2 on: May 29, 2009, 11:13:13 am »
For both Opel/Vauxhall and Saturn bids I was pulling for Magna. Made the most sense, and think it'll be a good move/best compromise for all involved.
« Last Edit: May 29, 2009, 11:32:56 am by sirAQUAMAN64 »
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Offline ovr50

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Re: Is this the new Canadian Car company ?
« Reply #3 on: May 29, 2009, 11:26:20 am »
Quote from: sirAQUAMAN64 on May 29, 2009, 11:13:13 am
I was pulling for Magna. Made the most sense, and think it'll be a good move/best compromise for all involved.

+1
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Offline Shnak

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Re: Is this the new Canadian Car company ?
« Reply #4 on: May 29, 2009, 11:32:05 am »
I saw many Opel vehicles while in Greece; from what I saw, I think it would be a big improvement for the Saturn dealerships if Magma decided to sell some of those Opel models here...
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Offline safristi

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Re: Is this the new Canadian Car company ?
« Reply #5 on: May 29, 2009, 11:36:31 am »
MAGNOPALESCENCE is but a roll of the dice away.................Stronachs type of bidness.............who knows does tha three HORSE.....pull ahead on the straightaway or fall back into the pack................ONLY THE STRONY KNOWS............ :rofl2:
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Offline Vil

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Re: Is this the new Canadian Car company ?
« Reply #6 on: May 29, 2009, 12:41:08 pm »
It will be Canadian company with German engineering and Russion money.
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Offline UmroAyyar

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Re: Is this the new Canadian Car company ?
« Reply #7 on: May 29, 2009, 12:43:21 pm »
Saturn's Opelization has been good. Opel's Magnafication is welcome. :D Get us some of the good stuff.
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Offline DockMan

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Re: Is this the new Canadian Car company ?
« Reply #8 on: May 29, 2009, 12:52:54 pm »
Quote from: ovr50 on May 29, 2009, 11:26:20 am
Quote from: sirAQUAMAN64 on May 29, 2009, 11:13:13 am
I was pulling for Magna. Made the most sense, and think it'll be a good move/best compromise for all involved.

+1
+2
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Offline sailor723

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Re: Is this the new Canadian Car company ?
« Reply #9 on: May 30, 2009, 04:29:27 pm »
Am I missing something here? I keep reading where Magna is "taking over" Opel but then I see accounts that say Magna will only have 20% of the company. GM and a Russian bank will have 35% each and I don't remember who gets the other 10 (unions maybe?)
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Offline UmroAyyar

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Re: Is this the new Canadian Car company ?
« Reply #10 on: May 30, 2009, 04:51:59 pm »
Quote from: sailor723 on May 30, 2009, 04:29:27 pm
Am I missing something here? I keep reading where Magna is "taking over" Opel but then I see accounts that say Magna will only have 20% of the company. GM and a Russian bank will have 35% each and I don't remember who gets the other 10 (unions maybe?)

Yes, employees.
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Offline sailor723

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Re: Is this the new Canadian Car company ?
« Reply #11 on: May 30, 2009, 08:31:00 pm »
So how is this a "new Canadian car company" when it will be 80% owned by a combination of GM, a Russian bank, and German workers? ???
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