Please click HERE for a PDF version of the release.
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Magna confirme sa participation à une potentielle opération avec Opel
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Magna bestätigt Mitwirkung an möglicher Opel-Transaktion
AURORA, ON, May 4 /PRNewswire-FirstCall/ - Magna International Inc. (TSX:
MG.A, NYSE: MGA) today confirmed that it is in talks with Opel, General Motors
and German government officials regarding potential alternatives for the
future of Opel, which could include Magna taking a minority stake in Opel.
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
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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.
SOURCE Magna International Inc.
CONTACT:
Vincent J. Galifi
Executive Vice-President and Chief Financial Officer
(905) 726-7100
