Magna beats Fiat to buy GM Europe

GENERAL Motors was set to file for bankruptcy on Monday – but Vauxhall and Opel could be saved by Canadian-Austrian parts maker Magna International.

The firm has come to a deal with GM after fellow bidder Fiat dropped out of talks. But the sale will still have to be approved by the German Government, which has given GM Europe £1.2billion in loan guarantees.

Crucially though, Magna has not yet announced its plans for Vauxhall’s UK plants at Ellesmere Port and Luton – and had planned on cutting just 2,500 jobs in Germany, compared to Fiat’s 10,000. Keep an eye on Auto Express for all the developments as they happen.