Opel untransferable

Steels known additional conditions, which concern General Motors (GM) launched the sale of Opel consortium Magna and Sberbank. GM wants to get a preferential right to purchase shares of Opel, as well as to determine its sales policy and oversee the new developments. Given the restrictions on the use of technology in making Opel the additional terms of the deal makes no sense for the development of Russia's car industry, which was declared as its main goal.

On Friday, Handelsblatt reported citing the vice-president of GM, John Smith, that the company intends to nominate purchasers Opel - Canada's Magna and Russia's Sberbank - the "new conditions". Make it's not too late: GM board of directors has recommended that only Magna and Savings Bank as buyers 55% Opel, and the deal should be completed only by 30 November. Among the new conditions of the right of priority purchase of shares in Magna Opel or Sberbank, if they want to sell them. Also, GM, which has the remaining 35% stake in Opel, wants to get at least half of his reign of eight people. Candidacy chapter Opel will be invited to nominate Magna and Sberbank, but GM intends to monitor the development of new models and marketing with sales.

Thus, the conditions of purchase Opel even more stringent and complex for Magna and Savings Bank, than anticipated. September 12 partners could not agree with GM on the right of full use of intellectual property Opel and GM will pay royalties for the right to sell cars (3-5% of turnover). The opportunity to return GM to the control of Opel, as well as the use of its technologies have been key to the transaction - a concern put forward these conditions initially. Magna demanded their withdrawal, but with one condition (technology) have already agreed. Now we were talking about the second. In Magna and Savings Bank on Friday it did not comment.

The question of new developments, as well as sales and marketing Opel no less important. Magna was in the deal, in particular, because the counting is built on the new Opel model in Russia and have a right to their sale. Assembly was to take the group gases, and possibly GM plant in St. Petersburg. Now it is about control of this work by the GM, and in general it is not clear how the transaction could take place in this scenario, "said Kirill Tachennikov of IR" Discovery ".

The requirement of pre-emptive right, which insists GM, at first glance quite commonplace - such requirements are often prescribed in the agreements with major transactions, says Mikhail Pak from IR Aton. However, giving a good state to deal with Sberbank, Russia's authorities had something else in mind. Prime Minister Vladimir Putin said that the purchase of Opel - part of the development strategy of Russia's automobile industry. On Friday, Prime Minister reiterated that "this is the first serious step towards real integration with the European economies. "But in terms of GM turns out that Magna and Savings Bank will be in the role of some temporary hosts Opel, under a deal that gets state guarantees for the GM Opel from the authorities of Germany, and after some time regain asset" - explains the analyst.

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