Word: opels
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
With GM struggling with a serious case of cold feet, it's not too late for Stronach to do a U-turn on Opel without losing face - and at the same time ensure the future prosperity of the empire he has already built...
Read "GM and Germany Still Wrangling Over Opel...
However, Frank Stronach, Magna's flamboyantly unpredictable founder and chairman, sees the acquisition of Opel as a once-in-a-lifetime opportunity to create a global car empire on which to stamp his imprint. "It's a risky deal for Magna," says auto analyst George Magliano of IHS Global Insight. "But car assembly is something they really want to do." This ambition may be too tall an order for the Austrian-born Stronach, 76, whose entire career has been marked by both spectacular successes and failures. Most recently, his dream of creating a horse-racing and gaming empire collapsed when...
...parties work through these prickly issues on the main stage, with German Chancellor Angela Merkel promising as much as $7 billion in badly needed state aid to Opel if Magna emerges victorious, another drama is developing behind the scenes. Some of Magna's biggest customers on both sides of the Atlantic, including Chrysler and Volkswagen, may decide to move future contracts with Magna to suppliers who are not in the business of selling cars. (Read "Merkel Saves Opel from GM's Fate...
Some analysts argue Magna is making a big mistake if it acquires Ruesselsheim-based Opel and its European subsidiaries, which employ 50,000 workers, most of them in Germany. "A third of the parts companies out there are in trouble right now," says Toronto analyst Dennis DesRosiers of DesRosiers Automotive Consultants. "This is an unprecedented opportunity for Magna to build its core business...