Magna does not plan to seek compensation from General Motors after its decision not to sell subsidiary Opel to a consortium headed by the Canadian based supplier.

Magna's ambition to acquire its own auto brand failed, but "life goes on", founder Frank Stronach told Financial Times Deutschland.

The supplier cannot afford to rub its biggest customer the wrong way. "We will continue to support GM and Opel," Magna's co-CEO Siegfried Wolf said.

Analysts reacted positively to the deal's collapse. In the worst case, Opel's crisis would have brought Magna to the brink as well, Bankhaus Metzler analyst Juergen Pieper said.

Two years ago Magna had made another attempt to acquire Chrysler but lost to US finance investor Cerberus.

So far Magna has acted as an independent supplier. With its plan to take over Opel, the company had risked losing important clients. Chrysler, now controlled by Fiat, cancelled a major order. Volkswagen threatened similar measures.

Magna left open whether it would continue to pursue its dream to have its own car making business. For now, the supplier plans to use its savings to acquire rivals. In the spring, Magna bought the European business of insolvent Cadence, which has plants in the Czech Republic and Hungary. Recently Magna also set up a joint venture with Indian supplier Krishna Group.

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