Word: sberbank
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...proving it's possible for citizens to defend their rights." "While professional investors solve their problems quietly, this everyman, without status or power, is trying to fight the system," the paper wrote of Navalny. Sergei Guriev, dean of Moscow's New Economic School and an independent board member of Sberbank, a state-owned company in which Navalny has stock, says the lawyer's focus is a logical avenue of dissent for politically minded young people who are unable to crack into Russia's rigidly controlled political landscape. "His generation of opposition politicians has been denied a career in politics...
...decision to back out of the sale of its European operations this week was a huge embarrassment for German Chancellor Angela Merkel. She had thrown her weight behind the bid by the Canadian-Austrian car-parts maker Magna and its Russian partner, Sberbank, to buy Opel and Vauxhall from the beginning, seeing it as the best way to save German jobs and offering both sides billions of dollars in loan guarantees to grease the wheels. Before GM made its sudden U-turn on Nov. 3, Merkel had also been riding high. She was coming off an electoral victory in September...
...Fritz Henderson phoned Chancellor Angela Merkel's office Thursday to seal the deal. The decision to sell Opel and Vauxhall to Magna is a coup for Merkel who has staked her credibility on the bid, a joint offer from the Canadian car-parts manufacturer and Russia's state-owned Sberbank. Since May, Merkel and the German government have thrown their weight behind Magna's offer, arguing that Magna already had extensive experience in building autos. Berlin also likes the fact that the Magna bid will keep open Opel's four factories in Germany, thus saving more jobs there than rival...
...Still, even the chancellor admitted the "new beginning wouldn't be easy." Under the deal, Magna and Sberbank will own 55% of the "New Opel", GM will keep 35% and the company's workers will take a 10% stake. GM's chief negotiator John Smith, who flew in from Detroit for a Berlin news conference, said Magna had come up with the best offer. "Magna has a great manufacturing culture and it enjoys the support of German labour unions, and the funding is there. It makes sense," said Smith. But he also warned of job-cuts. Magna's bid outlined...
...sees GM as a global manufacturer and is determined to retake the No. 1 spot from rival Toyota. To do so, GM needs a European manufacturing base. At the very least, GM wants to avoid creating a new competitor by providing the dowry for a tie-up among Magna, Sberbank and Opel. So on Aug. 21, the GM board rejected Merkel's plan and sent point man Smith back to Berlin. (Read "Busting Out: German Pol Plays the Cleavage Card...