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China firm approached Magna in bid for Opel: report

Magna refrains from accepting partnership proposal

Last Updated: Thursday, September 17, 2009 | 11:16 AM ET

CBC News

A Chinese automaker tried to team up with Canada's Magna International in its bid for control of Opel, Reuters said Thursday.

The report said Geely Automobile approached Magna with its proposal but that Magna is refraining from any such partnership for now.

Magna chairman Frank Stronach reportedly has refrained from accepting Geely's partnership proposal for now. (Adrian Wyld/Canadian Press)

Reuters did not name its source.

Geely has a public division that trades on the Hong Kong Exchange and a privately owned parent company. A spokesperson for the public firm said it had never approached Magna.

General Motors directors agreed last week to sell 55 per cent of its stake in Opel. The agreement is expected to be made final next month.

Internal Links

More than 10,000 Opel jobs to be cut: Magna
Opel: A corporate snapshot

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