Breaking: Magna Wins Opel Bidding War


opelCanadian auto parts company Magna can finally chalk up a win in its goal to own an automotive company.

Owned by Austrian-born Frank Stronach (father of  the more famous Belinda Stronach, the floor-walker in the House of Commons – now back with Magna) Magna had been in a bidding war with RHJ International.

It was originally thought that GM preferred RHJ because it feared that Magna (who has Russian stakeholders) would give Opel technology to Russian automakers.

The German government on the other hand preferred Magna because it promised to keep Opel plants in Germany.

Magna had previously tried to purchase Chrysler, and was considered the front runner, but luckily for Magna, Cerberus ended up swiping the troubled automaker.

[Globe and Mail]