Magna denies partnership with Geely to buy Opel stake
- Source: caijing.com.cn
- [17:22 September 23 2009]
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Canadian auto parts maker Magna International, the preferred bidder for General Motors' Opel brand, said it is not planning to bring in China's Geely Group as a partner for a joint bid, Magna co-CEO Donald Walker said on Sept. 22.
Geely Group, parent of Geely Automobile Holdings Ltd., dismissed a Reuters report that it intends to tie up with Magna in the Opel purchase, spokesman Wang Ziliang said earlier.
Speculation has emerged that Geely could work with Magna in a way similar to Beijing Automotive Industry Holdings Co's agreement with Swedish sports car maker Koenigsegg Automotive AB, which is acquiring the Saab brand from a rapidly downsizing GM.
