GM board decides to kill Magna acquisition of Opel

Magna International Inc. on November 3 announced that it has been advised by General Motors that the GM board of directors has decided to terminate the sale process for Opel.

Siegfried Wolf, Magna's co-chief executive officer, stated: "We understand that the board concluded that it was in GM's best interests to retain Opel, which plays an important role within GM's global organization. We will continue to support Opel and GM in the challenges ahead and wish to thank everyone who supported the Opel restructuring process for their tireless efforts and dedication over the past several months. In particular, we wish to thank our partner, Sberbank, for its significant contribution and support throughout this process."

Magna is a diversified global automotive supplier. It designs, develops and manufactures technologically advanced systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks. Its capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly.

Magna has approximately 72,000 employees in 242 manufacturing operations and 86 product development, engineering and sales centers in 25 countries.