Russia’s GAZ confirms interest in Opel

May 12th, 2009 - 8:31 pm ICT by IANS  

Moscow, 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.

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