View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
September 15, 2009

OPEL FALL-OUT: VW chief not happy at Magna bid

Ford chairman William Clay Ford Jr may have no problem with Magna's bid-in-progress to buy majority control of Opel but his counterpart at Volkswagen has taken a very different view.

Ford chairman William Clay Ford Jr may have no problem with Magna ‘s bid-in-progress to buy majority control of Opel but his counterpart at Volkswagen has taken a very different view.

“We, as a company, do not like it when our supplier becomes our rival,” Financial Times Deutschland 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 ‘s CEO Martin Winterkorn had previously warned Magna there would be a conflict of interests, if the car parts maker swallowed Opel.

Magna has already promised to put ‘Chinese walls’ in place to separate the acquired car business from its component supply operations.

It is also a contract assembler through its Austrian Magna Steyr unit.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Auto