9.22Magna CEO says not heard alliance talks with Geely

Magna CEO says not heard alliance talks with Geely

 

http://autonews.gasgoo.com/auto-news/1012280/Magna-CEO-says-not-heard-allian
ce-talks-with-Geely.html

 

Shanghai, September 22 (Gasgoo.com) The co-chief executive of Canadian auto
supplier Magna International said today that he has not heard of his
company's talks with China's Geely Group over a possible alliance on Opel,
Reuters reported. 

 

General Motors has agreed to sell a 55% stake in its Opel unit to a group
led by Magna. Under the deal, Magna and its Russian partner, state-owned
bank Sberbank, will each take a 27.5% stake. GM will retain a 35% stake and
employees will hold 10%.

 

China's Geely Group has approached Magna about a potential production
partnership on Opel, a source told Reuters last week. Talks between Geely
Auto's parent company and Magna included the possibility of Geely taking a
stake in Opel, but Magna has not agreed to such partnership yet.

 

"I'm not aware of anything with Geely, although I'm not involved in the
discussions but I haven't heard anything," Magna co-Chief Executive Officer
Donald Walker told a media briefing in Tokyo when asked if the company had
held talks with Geely, Reuters said.

 

A spokeswoman for Magna's Japan unit said Walker's comment should not be
interpreted as confirmation or denial that Magna held discussions with
Geely. He is simply not aware of any talks between the two companies, she
added.

 

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