Magna is going to get GM Europe

You probably saw in my links that Fiat had bowed out because of German government demands. The Magna story also comes via the BBC:

Canadian car parts maker Magna International is the preferred bidder for GM Europe, owner of Opel and Vauxhall, Lord Mandelson has said.

The UK business secretary said a deal between Magna and GM was very near.

He was speaking after reports that Magna had reached an agreement in principle to rescue GM Europe.

The other potential bidder, Fiat, did not attend Friday’s talks with the German government, saying Berlin’s position was "unreasonable".

GM in the US is expected to declare Chapter 11 bankruptcy on Monday.

Here is the associated video of Lord Mandelson spinning the details about how government in the UK sees things.

  1. Charles Butler says

    I think we called this one, didn’t we? Do we get a prize?

    1. Edward Harrison says

      Yes, Charles, you get my undying admiration! But, seriously, you’ll have to send me the link so I can link out to it.

      1. Charles Butler says

        It was in your own comments section last time you brought it up.

Comments are closed.

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