The chief executive of Canadian auto supplier Magna International (MGa.TO) said on Tuesday he did not know of any tie-up plans with China's Geely Group.
I'm not aware of anything with Geely, although I'm not involved in the discussions but I haven't heard anything, Magna co-Chief Executive Officer Donald Walker told reporters in Tokyo when asked if the company had been approached by Geely and if so what the nature of talks were.
China's Geely Group has approached Magna about a potential production partnership on Opel, a source familiar with the matter told Reuters last week. [ID:nSHA368250]
Talks between the parent company of Geely Automobile Holdings (0175.HK) and Magna included the possibility of Geely taking a stake in Opel, but Magna is refraining from any such partnership for now, the source said.
Earlier this month, General Motors [GM.UL] agreed to sell a 55 percent stake in Opel to a group led by Magna. [ID:nLB484275]
Under the deal Magna and its Russian partner, state-owned bank Sberbank (SBER03.MM), will each take a 27.5 percent stake. General Motors will retain a 35 percent stake and employees will hold 10 percent. (Reporting by Nathan Layne; Editing by Lincoln Feast)