Magna confirms offer for Opel
22 Maio 2009 - 6:00PM
PR Newswire (US)
AURORA, ON, May 22 /PRNewswire-FirstCall/ -- Magna International
Inc. (TSX: MG.A, NYSE: MGA) today confirmed that, together with
Sberbank Rossii ("Sberbank"), it has submitted a non-binding
indicative offer for Opel. The offer contemplates a total
investment by Magna and Sberbank of Euro 700 million, a portion of
which would be guaranteed by the German government. Under the
offer, the proposed equity interests in Opel would be: General
Motors - 35%; Sberbank - 35%; Magna - 20%; and Opel employees -
10%. General Motors and the German government are reviewing and
considering offers submitted this week and will determine the next
steps in the sale process. There is no assurance that any
transaction will result from Magna's current involvement. We are
the most diversified global automotive supplier. We design, develop
and manufacture technologically advanced systems, assemblies,
modules and components, and engineer and assemble complete
vehicles, primarily for sale to original equipment manufacturers
("OEMs") of cars and light trucks. Our capabilities include the
design, engineering, testing and manufacture of automotive interior
systems; seating systems; closure systems; body and chassis
systems; vision systems; electronic systems; exterior systems;
powertrain systems; roof systems; as well as complete vehicle
engineering and assembly. We have approximately 70,000 employees in
240 manufacturing operations and 86 product development,
engineering and sales centres in 25 countries. FORWARD-LOOKING
STATEMENTS -------------------------- This press release may
contain statements that, to the extent that they are not
recitations of historical fact, constitute "forward-looking
statements" within the meaning of applicable securities
legislation. Forward-looking statements may include financial and
other projections, as well as statements regarding our future
plans, objectives or economic performance, or the assumptions
underlying any of the foregoing. We use words such as "may",
"would", "could", "will", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate" and
similar expressions to identify forward-looking statements. Any
such forward-looking statements are based on assumptions and
analyses made by us in light of our experience and our perception
of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
in the circumstances. However, whether actual results and
developments will conform with our expectations and predictions is
subject to a number of risks, assumptions and uncertainties,
including, without limitation: the potential for an extended global
recession, including its impact on our liquidity; declining
production volumes and sales levels; the impact of government
financial intervention in the automotive industry; restructuring of
the global automotive industry, including the bankruptcy of
Chrysler and the risk of the bankruptcy of other customers; the
financial distress of some of our suppliers and the risk of their
insolvency, bankruptcy or financial restructuring; restructuring
and/or downsizing costs related to the rationalization of some of
our operations; impairment charges; shifts in technology; our
ability to successfully grow our sales to non-traditional
customers; a reduction in the production volumes of certain
vehicles, such as certain light trucks; our dependence on
outsourcing by our customers; risks of conducting business in
foreign countries, including Russia, India and China; our ability
to quickly shift our manufacturing footprint to take advantage of
lower cost manufacturing opportunities; the termination or
non-renewal by our customers of any material contracts; disruptions
in the capital and credit markets; fluctuations in relative
currency values; our ability to successfully identify, complete and
integrate acquisitions; our ability to offset price concessions
demanded by our customers; the continued exertion of pricing
pressures by our customers; warranty and recall costs; product
liability claims in excess of our insurance coverage; changes in
our mix of earnings between jurisdictions with lower tax rates and
those with higher tax rates, as well as our ability to fully
benefit tax losses; other potential tax exposures; legal claims
against us; work stoppages and labour relations disputes; changes
in laws and governmental regulations; costs associated with
compliance with environmental laws and regulations; potential
conflicts of interest involving our indirect controlling
shareholder, the Stronach Trust; and other factors set out in our
Annual Information Form filed with securities commissions in Canada
and our annual report on Form 40-F filed with the United States
Securities and Exchange Commission, and subsequent filings. In
evaluating forward-looking statements, readers should specifically
consider the various factors which could cause actual events or
results to differ materially from those indicated by such
forward-looking statements. Unless otherwise required by applicable
securities laws, we do not intend, nor do we undertake any
obligation, to update or revise any forward-looking statements to
reflect subsequent information, events, results or circumstances or
otherwise. DATASOURCE: Magna International Inc. CONTACT: Vincent J.
Galifi, Executive Vice-President and Chief Financial Officer at
(905) 726-7100
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