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September 24, 2009

CANADA: Magna to soothe VW over Opel buy

Magna is planning talks with customer Volkswagen to dispel its doubts on the Opel takeover, co-chairman Don Walker has said. A meeting is next.

Magna is planning talks with customer Volkswagen to dispel its doubts on the Opel takeover, co-chairman Don Walker has said. A meeting is next.

“We, as a company, do not like it when our supplier becomes our rival,” Financial Times Deutschland (FTD recently quoted VW chairman Ferdinand Piech as saying.

He hinted that VW may want to suspend its business partnership with Magna, and turn to another supplier. “We will easily find others,” Piech added.

VW CEO Martin Winterkorn had also warned Magna there would be a conflict of interests, if the car parts maker swallowed Opel.

VW and other customers have queried how Magna intends to separate its supplier business from the car-making activities so that it protects its clients’ production secrets.

Magna has promised to put firewalls in place to separate the acquired car business from its component supply operations.

Magna reassures Japanese customers

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