General Motors make dramatic U-Turn and decide to sell Vauxhall to Canadian car parts company.
This morning reports in the news suggested that the American parent company of Vauxhall, General Motors, would not be selling the company.
The company have been in difficulty recently and were looking to offload some assets in the form of its European businesses. After selling Saab people thought Vauxhall/Opel would be next.
This morning the deal looked dead and news reports indicated that the Americans would not be selling. Now in a dramtic twist in the tale GM have announced they will be selling in a move which has unions worried.
The Canadian car parts company Magna have signed for the company in a deal which German Chancellor Angela Merkel said required patience to go through.
With the company based in Germany trading under the Opel name the UK arm of the operation could be a heavy target for job losses.
We wait and see whether the Canadian company will now look to cut costs and whether they will look to lose workforce and where.
E. Dooley
10/09/2009
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