The Magna rescue of Opel with help from Russian state-owned bank Sberbank ‘must help the Russian car industry,’ according to Prime Minister Vladimir Putin.
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“The Russian government has its strategy of developing the car industry and the deal we are discussing must be embedded within the strategy for automobile manufacturing,” Putin said at a meeting with officials from Sberbank and Magna, according to Interfax.
Russian newspapers on Monday hailed the German government’s move to pick a Canadian-Russian bid to take over German carmaker Opel, a subsidiary of the once-mighty US auto giant General Motors.
“The global crisis has made possible what Russian authorities have sought to do in vain for years – get Russian investors to be greeted with open arms by the West,” said Vremya Novostei, adding jokingly: “It’s not the Red Army!”
State-controlled Russian lender Sberbank, the country’s biggest bank, will own 35% of Opel under the planned takeover. Magna International will control another 20%.
Other reports in Russia say GAZ could start producing Opel cars within nine months if all goes to plan.
“If the consortium makes a decision on the production of cars in Russia in cooperation with GAZ Group, our company as an industrial partner could arrange production using the capacity of its new technological complex in Nizhny Novgorod,” GAZ said in a statement.
The new complex in Nizhny Novgorod in the Volga area was built in 2008 in cooperation with Chrysler and Magna, and is currently rolling out Volga Siber cars.
“The technological level of the production facility corresponds to top world standards, and the level of automation is 85%. This facility is fitted out with well-provided infrastructure and employs highly skilled personnel who have undergone training at Magna,” the statement said.
Arrangements for Opel car production will not require financial investment from GAZ as its flexible production facility allows for the production of cars of any class, the statement said.
