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Article: Magna's founder faces deal of his lifetime: the Opel takeover.
- Article from:
- Gulf News (United Arab Emirates)
- Article date:
- September 19, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Arno Maierbrugger, Deputy Business Editor
Dubai: He struck one of the toughest deals in the car industry in recent times: Frank Stronach, founder and chairman of Magna International, the global car parts supplier and contact manufacturing group.
It is the complexity of the deal that makes it extraordinary: He took over the ailing German car builder Opel and found himself in a grid of conflicting interests. There were lobbying groups and political demands. Stronach got involved with more forces than he possibly would have liked to: American car giant General Motors and the consultants behind it; the European Union and its strict code of ...