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Magna is buying Opel and Vauxhall Opel and Vauxhall to go to Magna
(8 minutes later)
General Motors (GM) has chosen the Canadian car parts manufacturer Magna to buy Opel and sister firm Vauxhall, Germany says.General Motors (GM) has chosen the Canadian car parts manufacturer Magna to buy Opel and sister firm Vauxhall, Germany says.
Chancellor Angela Merkel said that GM have attached conditions to the sale.Chancellor Angela Merkel said that GM have attached conditions to the sale.
Earlier, there had been rumours that GM could be planning to try to keep control of its European arm.Earlier, there had been rumours that GM could be planning to try to keep control of its European arm.
Magna was the German government's preferred bidder. The decision must be approved by the Opel Trust, which is due to hold a press conference shortly.Magna was the German government's preferred bidder. The decision must be approved by the Opel Trust, which is due to hold a press conference shortly.
Magna has pledged to keep all German plants open.
Rival offer
BBC business correspondent Martin Shankleman said that this was the option that the GM board had indicated it did not want.
The UK unions were also against it as they feared the UK could be at the forefront of any job losses, he said.
See GM production centres in EuropeEnlarge Map
UK unions favoured GM keeping control of Vauxhall - saying this would be the best news for British jobs.
Chancellor Merkel said that "patience" during discussions had led to a decision being reached.
The German-led Opel Trust has 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.
The rival offer had come from the Belgian investment group RHJ.
Opel employs a total of 54,500 workers across Europe, with 25,000 based in Germany.
Its Vauxhall brand employs 5,500 people in the UK, primarily at its two British plants in Luton and Ellesmere Port.
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