Magna Confirms Involvement in Potential Opel Transaction
AURORA, Canada, May 4, 2009 -- Magna International Inc. (TSX: MG.A, NYSE: MGA) today confirmed that it is in talks with Opel, General Motors and German government officials regarding potential alternatives for the future of Opel, which could include Magna taking a minority stake in Opel.
There is no assurance that any transaction will result from Magna's current involvement.
We are the most diversified global automotive supplier. We design, develop and manufacture technologically advanced systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers ("OEMs") of cars and light trucks. Our capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly.
We have approximately 70,000 employees in 240 manufacturing operations and 86 product development, engineering and sales centres in 25 countries.