The ‘new Opel’ to be formed if Magna and Russian partners take over the GM Europe unit plans to invest EUR170m (US$247.5m) in operations in Russia, not the over EUR600m claimed earlier by an Opel trustee.

Magna co-chief executive Siegfried Wolf told a news conference held with Russian partner Sberbank’s chief that the more than EUR600m Magna had been said to have earmarked to modernise the Russian auto industry was “not correct” .

New agency Reuters noted that a German government spokesman in Berlin had also said EUR170m on Monday, adding this was subject to negotiations.