Jalopnik: magna

Magna To Buy Opel If German Government Gives OK

Wes Siler — Fri, 29 May 2009 11:00:00 EDT

Car parts manufacturer Magna has agreed to buy GM Europe, which includes the Opel and Vauxhall brands, according to BBC News. The German government still needs to approve the deal, but may choose insolvency instead.

Fiat, the other potential buyer, elected not to attend today's talks. GM is expected to declare Chapter 11 bankruptcy on Monday.

The German government will be meeting later today to discuss whether to approve the deal. The hesitation comes due to reports that it may be cheaper to allow GM Europe to enter insolvency before its purchase. Germany wants to keep GM Europe alive to protect manufacturing in that country, but doesn't want to spend anything like the tens of billions of dollars the US government has invested. Germany has already issued nearly $2 billion in loan guarantees to the company. [via BBC]

Chrysler Attempting To Sell Jeep To Renault-Nissan Or Magna

Wes Siler — Wed, 14 Jan 2009 07:47:39 EST

Struggling to restructure itself to meet demands for the bailout, Chrysler is in talks with Renault-Nissan and parts supplier Magna to sell off its assets. Those assets include Jeep.

All parties currently deny that they’re having this discussion, but Reuters is reporting otherwise. Why the hush hush? Carlos Ghosn is only interested in all or part of Chrysler if it actually gets all the bailout money. The companies are currently trying to figure out an arrangement that would permit the sale of one or more brands, but retain those brand’s ability to benefit from the funding.

Le Figaro reports that Renault is trying to raise $3 Billion for the purchase by selling convertible bonds. Renault denies that claim. [via Reuters]

Chrysler Productivity Ties Toyota; Sales...Not So Much

Andrew Stoy — Thu, 05 Jun 2008 12:45:00 EDT

Apparently answering today's QOTD with a "hell yes," our friends in Auburn Hills have tied the super-best automaker from the Land of the Rising Sun in at least one category: Most productive manufacturer, according to this year's Harbour Report. What does that mean? That Chrysler assembles a vehicle in 30.37 hours on average, exactly the same figure reported by Toyota. How'd they do it? Outsourcing!

Chrysler's Toledo Supplier Park was named North America's most productive assembly plant, slapping Jeep Wranglers together using just 13.57 labor-hours. But who's actually doing the work? The Toledo Supplier Park uses Kuka Group (Augsburg, Germany) to manage the body shop, Magna Steyr (Graz, Austria) to manage the paint shop and Hyundai Mobis (Seoul, South Korea) for chassis assemblies. Somewhere, Lee Greenwood is weeping softly.
[Automotive News (sub. req.)]

PopMech Analyzes The Tesla Lawsuit Shenanigans

Ben Wojdyla — Fri, 18 Apr 2008 19:00:00 EDT

This week we heard about a couple of lawsuits mythical electric sports car almost-manufacturer Tesla has managed to get tied up in. The first one saw Magna suing Tesla for breach of contract over its transmission design, the other was Tesla going medieval on Fisker for allegedly stealing designs associated with the Tesla Whitestar Hybrid for its Fisker Karma Hybrid. Well Popular Mechanics has gone out and consulted a lawyer-type about the guts of these lawsuits and what the likely outcomes of the twin tussles might be. We just want the slap fights to be over. [Popular Mechanics]

Chrysler Group Sales Speculation: Russian Billionaire To Fund Magna Bid For Chrysler!

Ray Wert — Thu, 10 May 2007 10:15:00 EDT

OK, so we'll totally called this one. True, we called it humorously, but whatevs, we'll take our wins when and where we can. Under the terms of an agreement announced early Thursday companies owned by Oleg Deripaska, the Russian entrepreneur, will pay $1.54 billion to acquire 20 million Class A shares of Magna International. Magna CEO Frank "Stroke Me, Stroke Me" Stronach claims the transaction has nothing to do with the Chrysler bid — but it's hard not to think that the additional hot injection of cold Russian capital from Deripaska doesn't have something to do with it. So this means if the Magna deal goes through we'll have the same guy who owns GAZ also now owning part of the Chyrsler Group — so we guess GAZ will finally be able to steal those Jeep designs legally. Ah, the joys of Capitalism! [Hat tip to AllenParkPete!] – Ray Wert

Russian billionaire buying Magna stake [Report On Business]

Chrysler Group Sales Speculation: Magna Only Bidder Left?

Ray Wert — Mon, 07 May 2007 11:00:00 EDT

Yet another strange-ass news mag we've never heard of out of Deutschland (but with a very Automotive News-like website) is reporting that the not-so-equal side of the merger-of-equals is playing games with private equity. They believe Magna International may be the only bidder the German-American hybrid's interested in selling the 'merican side off to. It's their belief the folks at Cerberus (now with Super Wolfgang Bernhard Potential!) and Blackstone may be nothing more than window dressing for the real talks with the Canadian auto supplier. As always, time will tell and as usual, the speculatin' sure is fun! – Ray Wert

Exklusiv: Magna einziger Bieter für Chrysler [Automobilwoche via CNBC.com]

Chrysler Group Sales Speculation: Magna Confirms "Involvement"

Ray Wert — Fri, 13 Apr 2007 10:45:17 EDT

We just received the following press release from the Canadian auto supplier:

Magna Confirms Involvement in Potential Sale of Chrysler Group
AURORA, Canada, April 13 /PRNewswire/ — Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) today confirmed that it continues to review potential alternatives regarding the future of the Chrysler Group. Magna has previously commented that, as DaimlerChrysler is one of its largest customers, Magna is seeking a full understanding of the situation regarding the future of the Chrysler Group, and any constructive role Magna may play in a potential transaction.

There is no assurance that any transaction will result from Magna's current involvement.

Nah, there's no assurance — but it sure is a great press release that makes it sound like it is. And really, even if nothing comes of all of this for the Canadians — at the very least they'll now look like a big-time player, won't they? – Ray Wert

Chrysler Group Sales Speculation: Canadian Supplier Magna In Talks With Private Equity For $4.7 Billion Purchase

Ray Wert — Fri, 23 Mar 2007 12:20:22 EDT

CNBC reported a little earlier this morning that a private equity group along with Canadian supplier Magna International's readying, or already has submitted, a bid for the Chrysler Group of between $4.6 and $4.7 billion dollars. Just wanted to tell you so that you can get ready to start blaming Canada for something more than that hockey hullabaloo and that bitch Anne Murray. – Ray Wert

Magna, Partner Offer to Buy Chrysler Stake For $4.7 Billion: Analyst [CNBC.com]