Our mates over at Auto Motor and Sport in Sweden have had their own Djup Strupe call in and uncover the fact that GT.se’s mysterious German bank – who they stated was actually a front for GM to retain control of Saab if negotiations went south – is actually representing Magna.
For those who don’t know, Magna is a Canadian owned company who manufacture parts, vehicle platforms and have an assembly plant in Austria that manufactures vehicles for other companies. The Magna Steyr plant currently manufactures the Saab 9-3 convertible.
Magna have been outed as a major player in negotiations for Opel in a partnership that would see them team up with GAZ from Russia. GM would retain a significant stake in Opel under their proposal.
This is the first indication I’ve had of them being an interested party when it comes to Saab.
Here’s my Google trans of the AMS article:
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Magna bid on Saab Automobile
Pär Brandt – 2009-05-13 16:28
New data to Auto Motor & Sport argues that the automotive company Magna not only wants to buy Opel, but is also included in the auction at Saab Automobile. The German bank is representative of Magna International, not GM, which was previously claimed.
In the constant the serial “today’s Saab-reputation”, we now have something very special to contribute. A little bird has whispered, from a location with good transparency, that reputation was spread over the week’s introduction is incorrect. It was argued then, from the newspaper GT, to the three secret bidders who reached the finals are the Chinese firm Geely, Fiat and a German bank.
Behind the German commercial banks – mentioned by GT – was General Motors who were “hiding” with the intent to control the bidding and in the worst case blocking Chinese Geely to buy Saab. But according to our new data, it is not GM trying to be discreet, but automotive company Magna International, who are based in Canada.
Magna also has a subsidiary in Austria, Magna Steyr with over 9000 employees, subcontractors, and they produce some car models including the Saab 9-3 convertible. In addition, Magna has around 30 small factories in Germany working as subcontractors to the automotive industry. Total Magna has 27,000 employees in Europe – no small player in the automotive industry, that is.
Magna International has already declared that it is interested in buying 50 percent of Opel and want to finance the deal with Russian carmaker Gaz. GM in the U.S. would retain a minority interest (and thus have a continuing influence) of approximately 30 percent. Unlike many others in the automotive industry, Magna International is in good financial condition and together with the Russian financier Oleg Deri Easter (which is half owner of the Gaz) funding would not be any problems.
Natural link between Saab and Opel
Magna’s approach to Saab has not been known but if you want to buy Opel is close to his that also add to Saab Automobile. The two companies are already integrated in research and development, an example of which is the common sister projects Opel Insignia and the new Saab 9-5..
Although American GM drastically reduces its stake in Opel / Saab joint models continue to evolve and it becomes a bit like “business as usual”, but with new principal owner. The shop can probably also get the thumbs up by American politicians who see Canadian Magna as a good owner and GM, for example, to forgive debt in billion class to Saab when they separated. In practice, GM’s management, together with the U.S. Government, approve the Opel and Saab’s new owners as “friendly” – otherwise there will be no business.
For both Saab and Opel’s probably better to have the principal owner who can concentrate on a few brands, compared with being in the Fiat Group which has almost a dozen brands and several dozen models to be reconciled together.
Anyone who knows its history knows that the Magna for a number of years been mentioned as new acquisitions in the automotive industry discussed. Last was the Chrysler LLC, which became the Magna coryza on (which it perhaps is pleased today to have “missed”). Possibly, it has become a prestigesak for Magna to finally, after seven disappointments, to salvaging a great home business and become a more renowned players in the automotive industry.
Finally, there is another fact that speaks against Fiat affair: the German pride would never be able to swallow the fact that Opel would have to be “subordinate” to the Italian government with headquarters in Italy. Where is the Magna-Steyr from the neighboring country of Austria significantly easier to accept.
