magna international

A top executive at Magna International Inc. is saying that as many as 10,500 jobs at automaker Opel in Europe could be cut, with nearly half of those coming from Germany.

GM's decision to sell European subsidiary Opel to auto parts maker Magna International was a political victory for German Chancellor Angela Merkel.

But the carmaker's future success is far from guaranteed.

General Motors Co. said a consortium of Canada's Magna International Inc. and Russian lender Sberbank would acquire a majority stake in its European subsidiary Opel.

General Motors Co. said Thursday that a consortium of Canada's Magna International Inc. and Russian lender Sberbank would acquire a majority stake in its European subsidiary Opel.

Chancellor Angela Merkel says she favors the Canadian company Magna International in the bidding for the German unit of G.M.

The Canadian car parts maker Magna International said it had ironed out the final details in its bid to buy the Opel unit from General Motors.

Magna International Inc., the Canadian auto parts maker that is bidding for General Motors' European Opel business, said Friday it lost $205 million in the second quarter as the global recession depressed auto sales and demand for its products.

A GM Europe spokeswoman said Wednesday negotiations for the sale of General Motors Corp.'s Opel to Canadian autoparts maker Magna International Inc. were "further along," while confirming it had received a bid from China's Beijing Automotive Industry Corp.

Frank Stronach, the Canadian owner of auto parts maker Magna International Inc., once referred to himself as "king" at one of his shareholder meetings.

He's now added another property to his business empire: General Motors Corp.'s Opel unit.

A person briefed on the negotiations between General Motors Corp., the German government and Canadian auto parts maker Magna International Inc. says they have agreed on the framework of a deal for Magna to take a majority stake in GM's Opel unit.