Magna not on the lookout for new alliance - paper

FRANKFURT Mon Nov 9, 2009 6:45pm GMT

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FRANKFURT Nov 9 (Reuters) - Magna's MGa.TO co-chief executive told a German paper that the Austro-Canadian company was not looking to team up with another auto maker after failing to clinch Opel, and will instead focus on its supply business.

Following the decision by U.S. carmaker General Motors [GM.UL] not to sell its European unit Opel to Magna, Siegfried Wolf told Handelsblatt in an interview: "We will not actively be on the lookout for which auto maker could be a fit".

Wolff also refuted speculation that Magna's chief operating officer, Herbert Demel, would jump ship to run Opel, saying there were "no indications" he was about to make a switch, in comments to be published in Tuesday's edition.

Magna now hopes it wins more business from General Motors as a supplier: "We have contracts from GM and there is no reason why we shouldn't get more contracts".

The German paper said there would also be talks between Magna and Volkswagen (VOWG.DE) about the potential cancellation of a contract for Magna to build the next Porsche Boxster.

Volkswagen said late in October it planned to purchase a 49.9 percent stake in Porsche's PSGH_p.DE sportscar business by the end of the year. (Reporting by Edward Taylor; Editing by Dan Lalor)

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