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Opel and Vauxhall fate in balance Opel and Vauxhall fate in balance
(20 minutes later)
General Motors (GM) is due to make an announcement in Berlin later about what it wants to do with its European brands, Opel and Vauxhall.General Motors (GM) is due to make an announcement in Berlin later about what it wants to do with its European brands, Opel and Vauxhall.
There have been rival bids for the units from Belgian investment group RHJ and Canadian car parts maker Magna.There have been rival bids for the units from Belgian investment group RHJ and Canadian car parts maker Magna.
Sources close to the negotiations say "the noise within the system" is that GM will reject the offers and try to keep control of its European arm. Various reports have suggested that the winner will be Magna's bid, which is favoured by the German government.
But there are also rumours that Opel could still be sold to Magna. But there have also been rumours that GM could reject both offers and try to keep control of its European arm.
Any GM decision would have to be approved by the German-led Opel Trust, which controlled the European operations since GM sought bankruptcy protection in the US.Any GM decision would have to be approved by the German-led Opel Trust, which controlled the European operations since GM sought bankruptcy protection in the US.
It contains representatives from GM, the German federal government and the German states that contain Opel plants.It contains representatives from GM, the German federal government and the German states that contain Opel plants.
The Opel Trust has called its own news conference in Berlin at 1615 (1415 GMT).The Opel Trust has called its own news conference in Berlin at 1615 (1415 GMT).
Job newsJob news
Opel employs a total of 54,500 workers across Europe, with 25,000 based in Germany.Opel employs a total of 54,500 workers across Europe, with 25,000 based in Germany.
ANALYSIS Steve Rosenberg, BBC News, BerlinANALYSIS Steve Rosenberg, BBC News, Berlin
If, as some reports suggest, General Motors has decided to retain control of Opel and Vauxhall, that will be a big embarrassment to Chancellor Merkel.If, as some reports suggest, General Motors has decided to retain control of Opel and Vauxhall, that will be a big embarrassment to Chancellor Merkel.
She has been spearheading efforts to get GM to sell its European brands to Canadian car parts supplier Magna.She has been spearheading efforts to get GM to sell its European brands to Canadian car parts supplier Magna.
The German government believes that is the best option to safeguard German jobs. If GM will not sell, expect an angry reaction from the workers.The German government believes that is the best option to safeguard German jobs. If GM will not sell, expect an angry reaction from the workers.
An Opel workers' representative has already threatened mass protests, suggesting thousands of workers would form a human chain around one of the Opel factories.An Opel workers' representative has already threatened mass protests, suggesting thousands of workers would form a human chain around one of the Opel factories.
Its Vauxhall brand employs 5,500 people in the UK, primarily at its two British plants in Luton and Ellesmere Port.Its Vauxhall brand employs 5,500 people in the UK, primarily at its two British plants in Luton and Ellesmere Port.
Unions in the UK say that GM keeping control of Vauxhall would be the best news for British jobs.Unions in the UK say that GM keeping control of Vauxhall would be the best news for British jobs.
The German government has said that GM would have to repay its 1.5bn euro ($2.2bn; £1.3bn) loan.The German government has said that GM would have to repay its 1.5bn euro ($2.2bn; £1.3bn) loan.
"The 1.5bn-euro bridging credit is a loan. And a loan is a loan. GM must pay back the 1.5bn under the conditions that we agreed on for Opel," German Finance Minister Peer Steinbrueck said on Wednesday."The 1.5bn-euro bridging credit is a loan. And a loan is a loan. GM must pay back the 1.5bn under the conditions that we agreed on for Opel," German Finance Minister Peer Steinbrueck said on Wednesday.
Bankruptcy protectionBankruptcy protection
He also said that there would be no more government help for GM if it closed German factories.He also said that there would be no more government help for GM if it closed German factories.
It is not clear where GM would get the money it would need to hang on to Opel.It is not clear where GM would get the money it would need to hang on to Opel.
GM emerged from 40 days of bankruptcy protection in July, based on a plan involving disposing of many of its brands. It is now 61% owned by the US government.GM emerged from 40 days of bankruptcy protection in July, based on a plan involving disposing of many of its brands. It is now 61% owned by the US government.
Last month, GM failed to choose between Magna and RHJ's initial bids, leading to speculation that the sale would not happen, for fear of technology and engineering resources ending up in a competitor's hands.Last month, GM failed to choose between Magna and RHJ's initial bids, leading to speculation that the sale would not happen, for fear of technology and engineering resources ending up in a competitor's hands.
The German government prefers the Magna bid, based on the two companies' plans for job cuts at Opel following the takeover.The German government prefers the Magna bid, based on the two companies' plans for job cuts at Opel following the takeover.
Both will see significant cutbacks in the workforce, but Magna is proposing fewer job cuts in Germany.Both will see significant cutbacks in the workforce, but Magna is proposing fewer job cuts in Germany.
Nearly 25,000 people are employed at Opel's four plants in Germany, so the country has a strong interest in the outcome of the takeover, especially with a general election taking place in Germany later this month.Nearly 25,000 people are employed at Opel's four plants in Germany, so the country has a strong interest in the outcome of the takeover, especially with a general election taking place in Germany later this month.
There is also understood to be pressure to find a solution in order to avoid distracting attention from model launches at next week's Frankfurt Motor Show.There is also understood to be pressure to find a solution in order to avoid distracting attention from model launches at next week's Frankfurt Motor Show.
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