Magna,Makes,Its,Case,For,Opel, car Magna Makes Its Case For Opel
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Magna International has been trying to enter the automobile manufacturing business for some time, dating at least as far back to 2007 when Cerberus Capital Management L.P.'s bid for Chrysler trumped their own offer for the now bankrupt automaker. The huge international conglomerate with headquarters in Ontario isn't about to start its own company, however, instead the Magna is now setting its eyes on GM's Opel operations bidding against Fiat who recently won control of Chrysler.Magna's Strong Position In The Automotive IndustryThe bid by Magna for Opel doesn't come as much of a surprise given its own deep involvement in the industry as an important parts supplier. Indeed, as part of its effort to secure Opel, Magna has reiterated what the company already does, an impressive list of responsibilities and products that is for certain:We are the most diversified global automotive supplier. We design, develop and manufacture technologically advanced systems, assemblies, modules and components, and engineer and assemble complete vehicles, primarily for sale to original equipment manufacturers ("OEMs") of cars and light trucks. Our capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly.Years of Experience MattersThus, if Magna were to win control of Opel, the company would have many years of experience to fall back on, plus a balance sheet that is far healthier than Fiat. At this point, Fiat doesn't have money to leverage its purchase of GM Opel, rather the Italian automaker will need to probably share millions of shares of itself to finance the deal.At the center of Opel's sale are German federal and state governments who will have a lot of say in what becomes of the brand. Headquartered in Germany, Opel has been seeking German funding to augment what GM isn't able to provide right now, given that a U.S. Bankruptcy filing is imminent. Opel could fetch GM billions of dollars if sold outright or, as in the more likely scenario, allow GM to maintain a majority stake in Opel's operation while bringing on additional partners.A decision on Opel may come within the next few weeks as all parties concerned want to settle the matter before GM's position worsens. Magna and Fiat are the top bidders for Opel but Ripplewood Holdings, a New York based private equity firm, is also in the running.
Magna,Makes,Its,Case,For,Opel,