Magna International has confirmed it was in talks with General Motors and German government officials about possibly taking a minority stake in GM’s Opel unit but stressed there was no assurance that any transaction would result from the talks.
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Magna founder Frank Stronach said in an Austrian newspaper interview on Wednesday that his company was interested in “helping” Opel, which Magna supplies, but added that it was too early to know what role the auto parts giant might play, Reuters reported.
Stronach reportedly said his company had about US$1.5bn in cash reserves and could easily enter into a business arrangement without endangering itself.
