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Opel and Vauxhall to go to Magna Opel and Vauxhall to go to Magna
(11 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, German Chancellor Angela Merkel says.
Chancellor Angela Merkel said that GM have attached conditions to the sale. But full details of the terms of the sale have yet to be released.
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.Magna has pledged to keep all German plants open.
"I am very pleased about the decision that's been made and it is along the lines that the federal government has been advocating," Chancellor Merkel said.
"But it's also along the lines that the employers and the employees of Opel wanted."
Rival offerRival offer
BBC business correspondent Martin Shankleman said that this was the option that the GM board had indicated it did not want. BBC business correspondent Martin Shankleman said that this was the option that the GM board appeared to be resisting.
The UK unions were also against it as they feared the UK could be at the forefront of any job losses, he said.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 MapSee GM production centres in EuropeEnlarge Map
UK unions favoured GM keeping control of Vauxhall - saying this would be the best news for British jobs.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.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.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.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. The rival offer came from the Belgian investment group RHJ.
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.
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.
GM in the US 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.
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