The Canadian-Russian consortium which is buying a controlling stake in Opel AG operations is also seeking to acquire all of General Motors’ assets in Russia and other CIS states according to the business daily Vedomosti.
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The newspaper cites a source close to Siegfried Wolf, co-Chief Executive Officer of Canadian parts-maker Magna International who said that assets would be used to form a new auto concern around Opel, which GM has agreed to sell to the consortium, which also comprises Russian state-controlled Sberbank and carmaker GAZ Group.
The consortium wants GM’s 41.6 percent stake in Tolyatti-based GM-AvtoVAZ and its 25% stake in GM-Uzbekistan to form the concern, which will also include GM’s plant in St. Petersburg. The new concern is expected to use the production facilities of the Avtotor plant in the Russian city of Kaliningrad and plans to handle all Opel and Chevrolet car sales in Russia.
The concern is expected to sell 1 million cars per year in Russia, said Vedomosti. Avtotor currently assembles Chevrolet cars under contracts with GM. A GM spokesman said that the sides had not yet decided what assets would be part of the new concern.
Under the framework agreement signed last week, Magna will take a 20% stake in Opel, Sberbank is expected to get a 35% stake, GM will retain 35% and Opel employees will hold the remaining 10%.
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By GlobalDataThe consortium has previously said that it will produce Opel cars at GAZ Group’s production facilities in Nizhny Novgorod. GM-AvtoVAZ and GM Uzbekistan told the daily that no decision the companies had been made yet. Sberbank and GAZ Group declined to comment.
