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Latest Magna International Stories

2009-09-14 14:33:23

A top Magna International Inc. executive said the purchase of Opel and Vauxhall would include reducing the workforce by about 10,500 workers. General Motors Co. agreed last week to sell 55 percent of its European operations to the Canadian auto parts supplier in a joint venture with Russia's Sberbank. Magna had warned of job cuts before GM's board selected its bid, the Canadian Broadcasting Corp. reported Monday. On Monday, co-Chief Executive Officer Siegfried Wolf confirmed the job...

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2009-09-11 11:50:29

Belgium is pressing the European Union to investigate the sale of Opel to a Canadian and Russian venture on concerns that Germany sought unfair advantages. In question are plants in Germany that will remain open after Canada's Magna International Inc. and Russia's Sberbank take control of 55 percent of General Motors Co.'s Opel and Vauxhall production, a deal GM agreed to this week. On the flip side, an Opel plant in Antwerp, Belgium, is expected to close, CBCnews.ca reported Friday. Germany...

2009-09-10 12:39:00

AURORA, ON, and MOSCOW, Russia, Sept. 10 /PRNewswire-FirstCall/ - Magna International Inc. ("Magna") (TSX: MG.A, NYSE: MGA) and Savings Bank of the Russian Federation ("Sberbank") (RTS: SBER, MICEX: SBER03) today announced that their joint offer to acquire a 55% interest in Adam Opel GmbH ("Opel") has been selected by both General Motors Company ("GM") and the Opel Trust as the preferred solution to address the future of Opel. Under the offer, the acquired 55% interest in Opel would be owned...

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2009-09-10 10:30:47

General Motors Co. said Thursday it would sell a majority of its European operations to a Canadian and Russian venture of Magna International and Sberbank. GM's board of directors approved a sale of 55 percent of Opel and Vauxhall, GM brands made in Germany and Britain, respectively, GM said in a statement. GM said several key issues will be finalized during the next few weeks, including labor unions support for the necessary restructuring for viability and finalization of a definitive...

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2009-08-26 08:29:37

British Business Secretary Peter Mandelson is willing to sink public funds into General Motors to ensure the survival of its Vauxhall subsidiary, sources say. Without naming its sources, The Times of London reported Wednesday Mandelson would look favorably on committing British taxpayer funds to GM if it appeared Vauxhall would be best off if the reconstituted U.S. automaker kept its European subsidiary instead of seeking a buyer. The Times said Mandelson's position became evident as GM's 13...

2009-08-25 15:39:50

U.S. automaker General Motors is having second thoughts about selling German subsidiary Opel to a consortium that includes a Russian bank, sources say. Quoting unnamed people close to the negotiations, The New York Times reported Tuesday that GM, which blew past a Friday deadline to finalize its plans for Opel, is reexamining whether it wants to deal with Magna, a consortium made up of a Canadian-Austrian car parts firm and Russia's largest state-owned savings bank -- angering German leaders...

2009-08-24 14:22:30

Delays by U.S. automaker General Motors in deciding the fate of its European subsidiary Opel are unacceptable, a German labor leader says. Klaus Franz, head of Opel's autoworker unions, said workers have kept quiet about their frustrations with GM's indecision on whether to sell or keep the German automaker, but the time has come for a decision, German broadcaster Deutsche Welle reported Monday. We've completely run out of patience, Franz said. In the past we stayed very calm and confined...

2009-08-05 05:00:00

50/50 joint venture to produce complete seating systems and seat mechanisms for OEMs in India NEW DELHI, Aug. 5 /PRNewswire-FirstCall/ - Magna Seating, an operating unit of Magna International Inc., and Krishna Group of India announced today the formation of a 50/50 joint venture to produce complete seating systems and seat mechanisms for automakers operating within the Pune region of India. The joint venture, called MSKH Seating Systems, will operate from Chakan (near Pune,...

2009-07-24 16:14:00

AURORA, ON, July 24 /PRNewswire-FirstCall/ - Magna International Inc. (TSX: MG.A; NYSE: MGA) will release its financial results for the second quarter ended June 30, 2009, on Friday, August 7, 2009. Magna will hold its quarterly conference call on Friday, August 7, 2009 at 8:30 a.m. EDT. The number to use for this call is 1-800-909-4147. Overseas callers should use 1-212-231-2911. Please call in at least 10 minutes prior to start time. The conference call will be webcast at www.magna.com, and...

2009-07-21 07:56:00

AURORA, ON, Canada and MOSCOW, Russia, July 21 /PRNewswire-FirstCall/ - Magna International Inc. ("Magna") (TSX: MG.A, NYSE: MGA) and Savings Bank of the Russian Federation ("Sberbank") (RTS: SBER, MISEX: SBER03) today announced that Magna and Sberbank have jointly submitted a revised offer to acquire a 55% interest in Adam Opel GmbH ("Opel") as part of a proposed solution that is intended to assure the long-term viability of Opel. Under the offer, the acquired 55% interest in Opel would be...


Word of the Day
mallemaroking
  • Nautical, the visiting and carousing of sailors in the Greenland ships.
This word is apparently from a confusion of two similar Dutch words: 'mallemerok,' a foolish woman, and 'mallemok,' a name for some persons among the crew of a whaling vessel.