2023 Author: Eric Donovan | [email protected]. Last modified: 2023-05-21 15:44
Magna and Sberbank may be facing another takeover. A center for car production in Russia could then be set up together with Opel.
According to Moscow media, the possible new majority shareholders of Opel are considering an alliance with the Russian Lada manufacturer Avtovaz. As a result, the Austrian-Canadian auto supplier Magna International and Russia's largest financial institution Sberbank wanted to establish a center for auto production in Russia, as the newspaper “Kommersant” reported (Wednesday). The new auto giant could build around six million vehicles annually in three to five years, Sberbank boss German Gref was quoted as saying. "We will make the decision in the next few months," announced Gref.
Two competing projects
According to the Sberbank boss, Avtovaz is unable to develop on his own. There are therefore two variants for the Russian industry leader: either management by the French Renault group, which holds a blocking minority in Avtovaz, or an alliance with Opel and Magna. In Russia there may therefore be two competing projects to rehabilitate the ailing auto industry in the future, the paper continued.
Russian Prime Minister Vladimir Putin regards the takeover of Opel shares by Magna and Sberbank as “part of the strategy to promote the auto industry”. On the other hand, Avtovaz boss Boris Aljoschin had described the purchase of the shares as “not expedient”. (dpa)