Thursday, September 10, 2009

Magna seal deal to buy Opel and Vauxhall

The German government have announced that GM are in the process of selling 55% of their European car manufacturing arm to Canadian car part manufacturer Magna.
Whilst much speculation suggested that GM would like to keep hold of Opel and Vauxhall conditions put in place by both American and German governments may well have forced GM into parting with companies it would have preferred to retain. Tellingly it was the German government that announced the sale of Opel and Vauxhall to their favoured bidder. Exact details of finance and time scales for the hand over have yet to be released.
With the Frankfurt motor show just days away an end to speculation as to who will own Opel should help them launch the new Astra with increased confidence.

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