Magna executive says EU won't block Opel deal

Frankfurt -- The co-chief executive of Magna International Inc. said Tuesday that he doesn't believe the European Union will block his company's acquisition of a majority stake in Opel....
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GM sells Opel to Magna, Sberbank

General Motors Co. will enter into the latest of a series of alliances in key overseas markets after agreeing to sell control of its German carmaker Adam Opel GmbH.--...More

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Magna plans factory at former Chrysler site

The Detroit News
Highland Park -- The site of the former Chrysler Corp. headquarters could soon be revived with a new automotive components plant.

Officials from Magna International Inc., North America's largest auto supplier, are scheduled to appear today before the Michigan Economic Growth Authority to secure tax incentives for an automotive seating facility at the site, officials confirmed Monday.

Plans are still pending approval from the state and officials, but the plant could create about 400 jobs, said Dennis Niemiec, a spokesman for Wayne County Executive Robert Ficano, who helped develop the deal.

"Mr. Ficano has been working a long time trying to get an auto facility in Wayne County," Niemiec said.

Niemiec said Ficano had been working with Magna International officials for at least the last five years to pursue a possible venture.

Representatives for Magna International, which is based in Aurora, Ontario, and has offices in Troy as well as operations in about 25 countries, could not be immediately reached for comment Monday night.

A number of projects were examined but an automotive plant "was always in the discussion," Niemiec said.

In 2005, officials approved a horse racing license requested by Toronto-based Magna Entertainment Corp., which is at least partly funded by rents and fees from Magna International plants.

Magna had proposed a $100 million, Las Vegas-style entertainment complex on 212 acres at Interstate 94 and Vining near Detroit Metropolitan Airport that was to create 1,000 jobs....More

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Chrysler News:Jeep To Renault-Nissan and Magna is Cerbrus Selling off Chrysler?

Another Chrysler sell off article!

Jeep To Renault-Nissan, Belvidere To Magna Steyr, PT Cruiser To China. Maybe

Chrysler has been - some say desperately - seeking to “sell key assets” for a while. The Nikkei (sub) now says that Chryler might be getting close. The usual “unnamed people with knowledge of the discussions” whispered that Chrysler is talking to Nissan-Renault and the Canadian auto supplier Magna. The topics of the discussion are the Jeep brand and Chrysler’s Belvidere plant. The Jeep brand would go to Renault-Nissan, Magna would take the plant.

The parties aren’t strangers.

Chrysler had announced an alliance with Nissan last April.

As for Magna, the interest probably stems from Magna’s subsidiary Magna Steyr, which is creating more and more auto contract manufacture business. Magna Steyr has produced the Chrysler Voyager from 2002 to 2007, and currently produces the Chrysler 300C, the Jeep Commander and Jeep Grand Cherokee. Magna was one of the bidders for Chrysler when it was sold by Daimler in 2007.

According to Reuters, Chrysler has been in talks with Chinese automakers Chery and Guangzhou Automobile Industry Group Co, to sell them the PT Cruiser “brand” and tooling.

Of course, nobody will officially confirm that anything is true. Reuters says that representatives of Chrysler, Cerberus, Magna, and Nissan declined to comment. A spokeswoman for Renault denied talks were under way.

Reuters say there is reason for secrecy and plausible deniability: Renault-Nissan is looking to see whether a deal to acquire Le Jeep would hurt access to U.S. government funding. Good thinking.

[For the uninitiated: an asset sale is when you sell what's owned by the company without selling the company-- and the liabilities that go with it.]

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