NEWS
Magna International involved in talks with General Motors
Posted: Friday, May 29, 2009 4:02 PM
Magna International Inc., the former parent company of racetrack owner Magna Entertainment Corp., is poised to assume a major stake in the European operations of General Motors, according to a report published in The New York Times.
The deal would make Magna, a Canadian-Austrian parts maker founded and owned by racetrack magnate Frank Stronach, the manufacturer of G.M.’s European cars.
According to the story in the Times, the deal would sustain Opel, the German operations of G.M., through a short-term loan of $2.1-billion while G.M. declares bankruptcy in America.
General Motors’s European operations produce about 1.7-million vehicles a year, the Times reported.
