Sberbank does not see itself as a long-term strategic owner of Opel, the bank’s head has said, and will look to offload its 35% stake at some point.
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According to a report by news agency Reuters, German Gref said that the state bank had got involved in the rescue deal for Opel in order to help Russia’s auto industry.
Gref said: “Sberbank does not intend to become a strategic partner of Opel.”
He added that the bank would sell its stake, later saying the eventual acquirer could be a Russian investor.
Under terms of a Memorandum of Understanding agreed last week, Canada’s Magna is to pay EUR700m for a 55% stake in Opel/Vauxhall, a portion of which was due to be guaranteed by the German government.
This would have seen the new shareholding structure in Opel/Vauxhall as follows: 35% owned by GM; 35% owned by Russian state bank Sberbank, Magna’s investment partners in the bid; 20% owned by Magna and the remaining 10% allocated to Opel’s partners.
However, it has yet to be confirmed whether this proposed structure is the one that will be adopted by the company as it moves forward under Magna’s management leadership.
Magna also has said it will provide Opel/Vauxhall with immediate cash facility of EUR300m to ensure the company has sufficient short-term liquidity. The German government eventually stepped in to meet that need.
Also as part of the deal, the assembly of Opel branded cars in GAZ-owned Russian facilities may begin as early as the end of this year.
