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News from Reuters

Volkswagen to continue business with Magna: report

13/11/09

FRANKFURT (Reuters) - German carmaker Volkswagen has dropped a threat to stop awarding contracts to Magna after the Canadian auto supplier failed to buy rival carmaker Opel.

"If Magna doesn't act like a competitor, we will continue to do business as usual," a spokesman told German mass-circulation tabloid BILD in an article published on Friday.

When Magna bid for Opel, Volkswagen executives grew concerned that the auto supplier would become a competitor, but General Motors subsequently decided to keep its Opel unit.

(Reporting by Edward Taylor, editing by Will Waterman)

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