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GAZ says will not take stake in Opel if Magna wins

Russian carmaker GAZ is not looking to acquire a stake in Opel if Canada's Magna wins the race for Germany's carmaker, the firm said.

Magna is bidding for Opel in alliance with GAZ and Russia's largest bank, Sberbank.

Magna said on Friday its Opel takeover concept foresees GM holding 35%, Russian partners another 35%, Magna itself 20% and employees 10%.

“We are not acquiring a stake. Our role is that of technological partner,” said GAZ deputy head Yelena Matveyeva.

She declined to comment when asked whether it meant that Sberbank would acquire 35% of Opel. (Reuters)