Moscow to provide political support for Magna deal
Sunday, 16 Aug 2009
RIA Novosti quoted a source close to the talks said Russia is ready to provide political support for Canadian automaker Magna bid backed by Russia's Sberbank to purchase a stake in Opel.
He said that "As a result of intensive talks conducted by Sberbank executives, I believe that these chances have improved, adding that the talks had taken into account German Chancellor Ms Angela Merkel's visit to Russia.”
He added that high level Russian German meetings have intensified the negotiating process.
Magna main rival is Belgium based investor RHJ International, but Ms Merkel stated on Tuesday that she would be prepared to intervene personally in favor of the Canadian company.
She said that "I have a clear preference for Magna and want to make that clear again. If it is necessary, I will join in of course."
A Kremlin source earlier said that the two leaders were likely to consider terms on which a deal advantageous for both Russia and Germany economic and social spheres can be concluded.
