Magna prepared to invest 700 mln euros in Opel

MONTREAL, May 22,Canadian auto parts maker Magna International and Russia’s Sberbank are prepared to invest 700 million euros in a venture to buy General Motors’ Opel unit, and leave the US giant with a 35 percent stake, Magna said Friday.

Magna confirmed the nonbinding offer, worth some 980 million US dollars, made along with Russia’s biggest lender, state-run Sberbank.

“The offer contemplates a total investment by Magna and Sberbank of 700 million euros, a portion of which would be guaranteed by the German government,” said a statement from the Ontario-based group. (AFP)