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D-day for Vauxhall Opel

Would-be buyers of General Motor’s Opel business have until later on today (20.07.09) to lodge plans for the firm’s future.

Canadian-Austrian car parts maker Magna International is favourite to buy Opel – which includes Vauxhall in the UK.

Magna, backed by Russia’s Sberbank, wants to use Opel to make an aggressive push into the Russian market.

However, Belgium-based investor RHJ International is manoeuvring to try to make a successful bid – with plans to restructure Opel’s operations.

GM was forced to put Opel up for sale as part of its massive restructuring which saw it go into Chapter 11 bankruptcy in the US – before emerging as a leaner company with less debt.

Opel has been placed under the ownership of a trustee in which both GM and the German government have a stake – making the process of deciding a buyer complex.

Source: BBC News

Jul 20, 2009MTI
  • GM to keep all German Opel plants open
  • Magna deal for Vauxhall/Opel could be under threat
  • RHJ say Vauxhall safe if they win bid
  • Vauxhall / Opel decision imminent
  • Standoff between GM and German government over Opel
  • Fiat will cut 10,000 Opel jobs
  • Nissan to create 350 new jobs in North EastHonda top, Land Rover bottom in new reliability survey
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