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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Sberbank 'could sell Opel stake to Russian investor' AFP - Friday, June 5 SAINT PETERSBURG (AFP) - - The head of Russia's Sberbank said on Thursday the bank did not intend to hold on to a 35-percent stake in European car maker Opel long-term and could sell it on to a Russian investor. ADVERTISEMENT German Gref said the aim of the state bank participating in Opel's rescue was to help Russia's car industry and economy, which already faced declining demand for its low-tech cars even before the economic crisis hit. "Sberbank does not intend to become a strategic partner of Opel," Gref said at an economic forum in Saint Petersburg. Asked if Sberbank would later sell its stake, Gref said: "Of course, later." On television later he added that the eventual recipient could be a "Russian investor," although he did not specify. "The essential purpose of this purchase is to help in the restructuring of Russian assets. "This union will be advantageous both for Russia and Germany. We will come out of this with minimal job losses," Gref said. Gref, an influential former economy minister, particularly praised the Canadian auto parts company leading the rescue of Opel, Magna International, saying the company "knows the Russian market well." Under a deal agreed last weekend to rescue the German-based arm of America's General Motors, Sberbank is to acquire 35 percent of Opel. It has joined forces in the deal with troubled Russian car maker GAZ, owned by oligarch Oleg Deripaska. Magna has already made major investments in the Russian company's plant in the provincial city of Nizhny Novgorod. On Monday GAZ said it would be ready to start making Opel vehicles within six to nine months if such a decision was taken by the Opel rescue consortium. Russian Prime Minister Vladimir Putin has made a priority of reviving Russia's ailing car industry, associated in the public mind with low-tech Soviet-era cars such as GAZ's Volga. On Monday Putin told executives: "The Russian government has its strategy of developing the car industry and the deal we are discussing must be embedded within the strategy for automobile manufacturing." Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo A flag bearing the logo of US car maker General Motors (right) pictured in front of the Opel sign in Bochum, western Germany. The head of Russia's Sberbank said on Thursday the bank did not intend to hold on to a 35-percent stake in European car maker Opel long-term and could sell it on to a Russian investor. Most Popular – Top Stories Viewed Pandemic warnings as swine flu spreads to Africa World 'getting closer' to swine flu pandemic: WHO Last Titanic survivor dies in England Prince Charles defuses Franco-British D-Day dispute Talent judge defends singing sensation Boyle View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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