Canadian partsmaker and contract vehicle assembler Magna has broadly outlined an offer to take control of Opel, German economy minister Karl-Theodor zu Guttenberg said.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
While Fiat has been reported to be eyeing the General Motors European unit, Magna is seeking control by working together with a third-party investor, a source told Reuters.
A spokesman for Rhineland-Palatinate state premier Kurt Beck told the news agency Magna wants a 20% stake in Opel but was seeking control through direct and indirect stakes.
Rhineland-Palatinate is one of four German states with an Opel plant. Magna declined to comment.
Guttenberg told Reuters the supplier’s concept was “interesting” but stressed the government needed more details from GM.
The Magna and Fiat proposals were very different and the most substantial plans Guttenberg had seen from potential investors but he declined to give details.
Fiat declined to comment.
“In the next few days, further talks will take place between the investors and GM so they can then present an industrial plan for Opel. On that basis, we will then decide how we, as the German government, will get involved,” Guttenberg told Reuters.
