[Quote of the Week] “I don’t think we are more scary than German investors. Believe me, we are not that scary. Furthermore, we will not shirk our responsibilities.”

German Gref, chairman of Sberbank, which has won preferred bidder status to take a stake in Opel together with Canada’s Magna, emphasized that the bank will respect the rights of other investors in the venture. According to the Financial Times, Gref said that Sberbank and Magna would commit €500 million to the General Motors European spin-off, but that Sberbank eventually planned to sell its stake.