Magna Says It Won't Pursue Other Automakers

Company says it won’t pursue any more automakers after its failed bid to buy a stake in General Motors’ European subsidiary Opel and will now focus on auto parts acquisitions.

TORONTO (CP) -- Magna International Inc. says it won't pursue any more automakers after its failed bid to buy a stake in General Motors' European subsidiary.

Don Walker, Magna's co-chief executive officer, says the company will now focus on auto parts acquisitions.

Magna had sought a 55 percent stake in Opel, with its lender, Sberbank of Russia, and had a tentative agreement in September.

Walker says the company will use some of the cash saved from not investing in Opel for acquisitions of other parts suppliers.

He says the company, based in Aurora, Ont., sees "a lot of opportunities out there during the next few years."

Stock in Magna jumped more than 10 percent Wednesday as investors appeared relieved that Magna would not become the next major automaker.

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