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Magna beats Fiat to buy GM Europe

Canadian component manufacturer looks to have nosed ahead of Fiat in the race to own Opel and Vauxhall

Opel Vauxhall Magna Steyr

29th May 2009

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.

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