Monday, November 9, 2009

Magna not interested to buy Volvo

Instead of looking to acquire other car manufacturers such as Volvo, Magna International said that it’s more likely it would be looking to take over other auto parts businesses. Magna’s intention to complete a deal for Opel/Vauxhall collapsed after parent company General Motors chose to keep the unit.

Don Walker, Magna’s co-chief executive officer, said that the focus would be turned towards the parts business. At the Chrysler-Fiat press conference, Walker said that he was neither surprised nor disappointed with GM’s decision. He lamented the fact though that a large amount of time and money was wasted.