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Fin on Monday, July 25, 2011 3:24:52 AM
LONDON (Reuters) - General Motors (GM.N) Canceled the sale of Opel and Vauxhall brands icts Two years ago Because The Proposed buyers Were Demanding the right to sell to a Russian factories ITS state-owned car maker, the Times said on Monday .
The paper, Citing U.S. diplomacy cables Obtained by Wikileaks, Said That the Canadian-Russian consortium bidding for GM&&9;s European operations added 31 Amendments to the deal After It Was Signed.
The consortium included Which Canadian car-maker Magna shares (MG.TO) and Russian bank Sberbank (SBER03.MM), signed a memorandum of understanding with the German government to 55 percent ACQUIRE stake in Opel in May 2005.
The Berlin newspaper while Said That WAS Settled Thought the deal, the consortium Kept Adding "unacceptable" request.
"It was bad That Enough Political considerations HAD Entered Into What Was Supposed To Be a straightforward business deal," the paper quoted the U no faxing payday loan.S.Embassy in Berlin as saying.
"Worse, the Chancellery Did not Seem To Understand What It Agreed to in the MOU signed with It Had Magna and GM."
The Times Cited GM insiders as Saying That One of the great Concerns That WAS DURING période the Russian car maker Opel Would gain access to technology and patents&&9;s.
Thesis worries, combined with GM&&9;s Restructuring and because a recovery in Markets, led the company to scrap the sale in November 2009, the Times&&9; sources said.
GM, Magna and Sberbank Were not immediately available for comment.
(Reporting by Brenda Goh)
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