GM says there is no agreement with Magna yet on Opel sale
Motors Co.'s top negotiator for the sale of its Opel unit took issue on Friday with assertions that Magna International Inc. has reached an agreement in principle with GM over a contract to buy 55 percent of Opel.
"Yesterday was a pretty busy day in the media, with many outlets reporting that Magna/Sberbank and General Motors had reached an agreement regarding Opel. At the risk of repeating myself, that's just not the case," John Smith posted on a blog.
He was responding to comments from Magna co-CEO Siegfried Wolf, who told Reuters on Thursday that the Canadian-Austrian parts supplier and its Russian partner, state-controlled lender Sberbank, had reached agreement in principle with GM management over a contract to buy 55 percent of Opel and its British sister brand Vauxhall.
Smith said GM would compare the latest offer it got from Magna on Thursday with the "attractive" proposal it received from Belgium-based financial investor RHJ International on July 20.
GM says there is no agreement with Magna yet on Opel sale - Automotive News Europe
"Yesterday was a pretty busy day in the media, with many outlets reporting that Magna/Sberbank and General Motors had reached an agreement regarding Opel. At the risk of repeating myself, that's just not the case," John Smith posted on a blog.
He was responding to comments from Magna co-CEO Siegfried Wolf, who told Reuters on Thursday that the Canadian-Austrian parts supplier and its Russian partner, state-controlled lender Sberbank, had reached agreement in principle with GM management over a contract to buy 55 percent of Opel and its British sister brand Vauxhall.
Smith said GM would compare the latest offer it got from Magna on Thursday with the "attractive" proposal it received from Belgium-based financial investor RHJ International on July 20.
GM says there is no agreement with Magna yet on Opel sale - Automotive News Europe
