Russian Owned Oligarchy Purchases Opel From GM

A Canadian-Austrian parts manufacturer Magna, which is actually largely funded by a large Russian financial oligarchy and by a major Russian bank has become the new owner of GM's German Opel company in Europe, giving Russian overseas investments further major diversification of products and a stronger economic position once the global recession eases. The German is also expect to put about 2.1 billion dollars into Opel as well as financial backing.

In Britain, 5,000 workers at GM's Vauxhall fear unemployment as many fear that British jobs could disappear if the production of vans or other production is brought to Russia.

Because of the relative economic strength of some major Russian and Chinese corporations and banks compared to the health of some major American industry groups such as GM, some American corporations are finding themselves prime targets for buyouts.