Russia’s GAZ confirms interest in Opel
May 12th, 2009 - 8:31 pm ICT by IANSMoscow, May 12 (DPA) Russian automaker GAZ Tuesday officially confirmed its interest in forming a joint venture with German-based Opel and the Austrian-Canadian auto-parts supplier Magna International.
“The GAZ group is hoping for further cooperation with Opel and Magna in the building of a competitive passenger car for Russia and other countries of the Commonwealth of Independent States (CIS),” said Yelena Matveyeva, deputy chairwoman of GAZ’s board of directors.
The GAZ concern is to make use of its new complex built in 2008 in Nishni Novgorod on the Volga river for the production.
Magna International confirmed earlier this month that it was considering “potential alternatives” for Opel’s future, including acquiring a minority state in the company.
Troubled US carmaker General Motors is off-loading German subsidiary Opel and other European operations as part of a massive restructuring effort.
- Fiat doubts about future of GM's German operations - May 09, 2009
- GM to sell off its Opel subsidiary - Sep 10, 2009
- GM to sell off 55 percent of Opel subsidiary (Lead) - Sep 11, 2009
- Opel decision only before Frankfurt auto show - Aug 26, 2009
- GM executives, board, split over Opel fate: Report - Aug 22, 2009
- GM board reluctant to sell Opel to Canada's Magna - Aug 25, 2009
- Head of GM Europe may join Tata motors: Report - Nov 07, 2009
- Canada's Magna, Russian bank bid for 55 percent stake in Opel - Jul 22, 2009
- GM U-turn shocks Berlin and Moscow, angers workers - Nov 05, 2009
- Russia's Sberbank insists on technology transfers with Opel sale - Sep 19, 2009
- GM board refuses to accept Canada's Magna as Opel winner (Lead, changing dateline) - Aug 22, 2009
- GM confirms to keep Opel, scraps Magna deal - Nov 04, 2009
- General Motors files for bankruptcy (Lead) - Jun 01, 2009
- General Motors to cut about 9,000 jobs in Europe - Nov 25, 2009
- GM files for bankruptcy, to eleminate over 30,000 jobs (Second Lead) - Jun 01, 2009
Tags: auto parts supplier, automaker, board of directors, canadian auto, commonwealth of independent states, cooperation, deputy chairwoman, dpa, gaz, general motors, german subsidiary, joint venture, magna international, moscow, novgorod, opel, passenger car, restructuring, s board, volga river