A spokesman for Vladimir Putin, the Russian Prime Minister, said Magna, the Canadian car parts maker that was days away from buying GM's Vauxhall and Opel operations, and Sberbank, its Russian bid partner, planned to conduct a "deep legal analysis of the situation." However, sources close to Magna said that, despite the months spent on the bid, which was in its advanced stages, the group was unlikely to take legal action as GM is one of its biggest customers. Magna and Sberbank had been working since May on their plans to acquire a 55 per cent stake in GM's European business after the American car giant went bankrupt. But last night GM abandoned the planned sale in favour of a restructuring of the business.
A spokesman for Vladimir Putin, the Russian Prime Minister, said Magna, the Canadian car parts maker that was days away from buying GM's Vauxhall and Opel operations, and Sberbank, its Russian bid partner, planned to conduct a "deep legal analysis of the situation."
However, sources close to Magna said that, despite the months spent on the bid, which was in its advanced stages, the group was unlikely to take legal action as GM is one of its biggest customers.
Magna and Sberbank had been working since May on their plans to acquire a 55 per cent stake in GM's European business after the American car giant went bankrupt. But last night GM abandoned the planned sale in favour of a restructuring of the business.
