AURORA, ON, and MOSCOW, Russia, Sept. 10 /CNW/ - Magna International Inc.
("Magna") (TSX: MG.A, NYSE: MGA) and Savings Bank of the Russian Federation
("Sberbank") (RTS: SBER, MICEX: SBER03) today announced that their joint offer
to acquire a 55% interest in Adam Opel GmbH ("Opel") has been selected by both
General Motors Company ("GM") and the Opel Trust as the preferred solution to
address the future of Opel. Under the offer, the acquired 55% interest in Opel
would be owned 50:50 by a Magna/Sberbank consortium ("Consortium") with GM
retaining a 35% interest and Opel employees acquiring 10% as part of a new
labour framework. The offer contemplates a total equity investment by the
Consortium of Euro 500 million over time.
"The Consortium is pleased that its plan for Opel has satisfied General
Motors. Together with General Motors, Opel employees and Opel dealers, the
Consortium will now work hard to lead Opel into a successful future," said
Siegfried Wolf, Magna's Co-Chief Executive Officer and Herman Gref, Chairman
of the Board and Chief Executive Officer of Sberbank. "Additionally, the
Consortium is grateful to General Motors for the constructive atmosphere
during the negotiations and to those parties which have provided their support
for the Consortium's business plan, including in particular the German
government."
Added Frank Stronach, Magna's Chairman, "Upon the successful completion
of the acquisition Magna will put in place appropriate "firewalls" in order to
ensure a complete separation between its current auto parts business and Opel
so that the confidential and proprietary information of its customers is fully
protected."
Completion of the purchase remains subject to finalization of definitive
agreements and other conditions, including government-backed financing and
regulatory approvals.
MAGNA FORWARD-LOOKING STATEMENTS
--------------------------------
This press release may contain statements that, to the extent that they
are not recitations of historical fact, constitute "forward-looking
statements" within the meaning of applicable securities legislation.
Forward-looking statements may include financial and other projections, as
well as statements regarding our future plans, objectives or economic
performance, or the assumptions underlying any of the foregoing. We use words
such as "may", "would", "could", "will", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate" and similar
expressions to identify forward-looking statements. Any such forward-looking
statements are based on assumptions and analyses made by us in light of our
experience and our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe are
appropriate in the circumstances.
