It is reported that shares in Russian carmaker Gaz made a second day of gains leaping 26%following GM’s decision to sell its subsidiary Opel to the Canadian-Austrian auto parts group and Gaz partner Magna International.
Shares in Gaz based in Nizhny Govgorod, central Russia jumped a high of 24 dollars on the Russian stock exchange RTS after rising 19%.
During the negotiations with GM and the Opel trustee advisory board, Russia largest bank Sberbank had offered Gaz production capacity to produce Opel models as well as use of Gaz sales network. Meanwhile, Sberbank itself suffered a drop in profit in the H1 year with the company reporting a decrease by 90% to RUB 6 billion. The news drove Sberbank shares down in early trading at the RTS stock exchange.
Under the Opel deal, the Magna led consortium is to hold a 55% stake in the so called New Opel with GM retaining 35% holding. A further 10% is to be held by the Opel workforce.