GM's Opel, Vauxhall Get a Shot at Survival

Canadian firm wants to buy brands, but deal needs German help
By Matt Cantor,  Newser Staff
Posted May 29, 2009 11:48 AM CDT
GM's Opel, Vauxhall Get a Shot at Survival
Magna International Inc. Chairman Frank Stronach arrives for a meeting about the future of Opel at the Chancellery in Berlin, Wednesday, May 27, 2009.    (AP Photo/Maya Hitij)

Canadian auto supplier Magna wants to buy GM’s European brands, offering Opel and Vauxhall a chance at survival, the Wall Street Journal reports. A deal for Opel would need temporary German funding. Angela Merkel’s government is debating putting up some $2 billion—but wants GM and the US Treasury to separate Opel from the rest of the Detroit firm to ensure the loan doesn’t end up in US creditors’ pockets.
(More auto industry stories.)

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