Russian Machines: Siegfried Wolf Obtains a Stake and Receives Clear Voting Rights
Siegfried Wolf, one of the two former top executives of Magna International not only changes over (as reported) to Oleg Deripaska's “Basic Element” company, but will also have a stake in it.
As the "Kurier" reports, Siegfried Wolf, who will assume the management of the engineering division "Russian Machines" of "Basic Element" in November, will also have a stake that will grant him "clear voting rights". On the extent of his participation, however, strict silence is being observed.
Wolf, since 2005 Co-CEO of Magna, had until recently also had a single digit percentage participation at Magna International. Following the entry of Russian Machines into Magna International in 2007, Wolf and his fellow-CEO Don Walker had to tip the balance between company founder Frank Stronach and Deripaska, who both owned 43% of the parent holding company. Deripaska had to cede his share to his creditors after the outbreak of the economic crisis.
Wolf does not see any new capital links between "Russian Machines" and Magna, but "an in-depth cooperation in the future is the most likely scenario." Wolf will continue being the second largest individual shareholder of the Canadian supplier, adds the "Kurier".