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Germany's finance minister announced the deal with Canadian car parts firm Magna, which will take over the European arm of General Motors, including Vauxhall and Opel.
Early Saturday after the second round of high-level talks in Berlin in as many days, Germany's finance minister said that a plan was approved for Magna to move ahead with a rescue of Opel.
Acquiring Opel is a major strategic move for Magna, which has been hurt by the troubles in the North American auto market, especially at its Detroit Three customers - GM, Ford and Chrysler - which are closing plants and slicing vehicle output.
For Stronach, the acquisition of Opel is the biggest deal in his company's history and cements his legacy as one of Canada's most globally ambitious executives.
http://www.forbes.com/feeds/ap/2009/05/30/ap6484068.html
http://news.sky.com/skynews/Home/Bu..._Canadian_Magna_International_For_Opel_Rescue
Early Saturday after the second round of high-level talks in Berlin in as many days, Germany's finance minister said that a plan was approved for Magna to move ahead with a rescue of Opel.
Acquiring Opel is a major strategic move for Magna, which has been hurt by the troubles in the North American auto market, especially at its Detroit Three customers - GM, Ford and Chrysler - which are closing plants and slicing vehicle output.
For Stronach, the acquisition of Opel is the biggest deal in his company's history and cements his legacy as one of Canada's most globally ambitious executives.
http://www.forbes.com/feeds/ap/2009/05/30/ap6484068.html
http://news.sky.com/skynews/Home/Bu..._Canadian_Magna_International_For_Opel_Rescue