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September 14, 2009

GERMANY: Magna spending EUR170m, not EUR600m, in Russia

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.

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.

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