Magna International Inc. recently confirmed that, together with Sberbank Rossii (“Sberbank”), it has submitted a non-binding indicative offer for Opel, a German subsidiary of General Motors. The offer contemplates a total investment by Magna and Sberbank of Euro 700 million, a portion of which would be guaranteed by the German government. Under the offer, the proposed equity interests in Opel would be: General Motors – 35%; Sberbank – 35%; Magna- 20%; and Opel employees – 10%. General Motors and the German government are reviewing and considering offers submitted this week and will determine the next steps in the sale process. There is no assurance that any transaction will result from Magna’s current involvement.
Magna International Inc. is headquartered in Aurora, Ontario and has approximately 70,000 employees in 25 countries. Magna designs, develops and manufactures technologically advanced systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers (“OEMs”) of cars and light trucks.