Economic panorama. General Motors completed the acceptance of applications for the purchase of their European units

The program is maintained by Andrei Sharogradsky. The Radio Liberty correspondent Ivan Trefilov takes part.

Andrei Sharogradsky: The program will continue the "Economic Panorama", today, on the waves of freedom, our observer Ivan Trefilov leads it.

Ivan Trefilov: The American concern General Motors completed the acceptance of applications for the purchase of its European units, including a large share in the German company Opel, completely belonging to it. As expected, there were three applicants: the Alliance of the Canadian Magna and the Russian “Sberbank” (the Russian GAZ Group acts with them as a technological partner), the Belgian company RHJ and the Chinese BAIC. Of these, only two, according to experts, have a chance of victory.

At the last moment, the Russian-Canadian consortium amended its proposal. In general, he still claims to be 55 percent of the Opel shares, but now the partners agree to divide this package equally - 27.5 percent per each. Earlier it was assumed that Sberbank would receive 35 percent of shares if successful, and Magna - 20 percent. How to explain such an adjustment of their joint application, if the 10 percent packet of Opel papers in any case remains with the employees of the company itself - the analyst of VTB Capital Elena Sakhnova.

Elena Sakhnova: From my point of view, there may be two reasons for such a decision. Firstly, this is done in order to leave General Motors as the main shareholder who will belong to 35 percent of the shares. Now that the Sberbank package is reduced to 27.5 percent, General Motors remains at least not a control, but the main shareholder. The second reason is due to the fact that for Sberbank this investment is still not the main one, and, apparently, he wanted Magna, for which this business is the main one, invest the same amount as Sberbank. That is, for Magna to revise the risks and volume of investment.

Ivan Trefilov: In turn, the Belgian company announced its intention to become the owner of a little more than 50 percent of Opel shares, planning to invest 275 million euros in the company until 2012. In return, she asks the Government of Germany with state guarantees of 3.8 billion euros, as well as, in fact, a sanction for a reduction in almost 10 thousand jobs at Opel factories in Europe, which provides for its proposal.

The volume of investments by the Russian-Canadian Alliance, according to plans, will amount to 700 million euros, provided that state guarantees are 4.5 billion euros. If we compare these two applications, which one can be more preferable for General Motors and the German authorities? Elena Sakhnova continues ...

Elena Sakhnova: Given that Germany is very concerned about the possibility of closing the plants, apparently the proposal of Magna is still more preferable, since the Russian-Canadian consortium promises not to close the plants, not to reduce their jobs. In fact, it is not clear whether they will be able to achieve this or not - perhaps they will not be given this to achieve this. But at least they set such a goal. Therefore, we see that the land authorities and even the Federal authorities of Germany support the Magna project more.

Ivan Trefilov: And for an American concern?

Elena Sakhnova: The General Motors position is not clear. The concern has not yet expressed any specific preferences to one or another applicants, saying that they are studying all proposals.

Ivan Trefilov: In your opinion, in your opinion, the sale of a large package of Opel will be an economically reasonable transaction or, nevertheless, will there be political motives?

Elena Sakhnova: I think that the decision will still be political. I am ready to agree that the Russian-Canadian consortium is now in favorites precisely thanks to political support from the German authorities.

Ivan Trefilov: It was an analyst with VTB Capital Elena Sakhnova.

As expected, already on Wednesday, the General Motors board may give preliminary recommendations regarding the choice of the buyer Opel. However, then his proposals remains to be considered by the European Commission, the governments of Germany and other countries interested in this transaction.