After vacuuming 1.5 Billion Euros out of the German treasury in bridge loans, General Motors has decided not to sell Opel to Magna after all. Naturally the Germans are furious. Seems like GM finally figured out that selling Opel to the Canada/Russia Magna-Sperbank consortium would deliver state of the art GM small car technology right into the hands of the Russians.
UPDATE: Magna shareholders appeared relieved early today. Shares of Magna International Inc were up more than 7% on news of the GM Opel fiasco.
Wednesday, November 4, 2009
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