The Financial Times is reporting that car parts maker Magna appears to have moved into pole position for buying a large stake in General Motors’ European operations, which includes UK-based Vauxhall.
The verdict came after the German economics minister praised a takeover plan by the Canadian-based company. However, the minister also cautioned that the concept lacked some data.
Nevertheless, the comments are viewed as important because any investor will need German Government backing to obtain up to €3.3 billion in state guarantees.
Vauxhall and sister company Opel have attracted up to seven suitors and GM aims to finalise the sale process in the coming weeks.
The minister’s words also came amid growing resistance in Germany against a rival takeover approach from Italian carmaker Fiat.