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| Concerns grow over GM Europe jobs | Concerns grow over GM Europe jobs |
| (40 minutes later) | |
| Concerns are growing over the future of GM Europe jobs outside Germany as German ministers are meeting to pick their preferred bidder for the firm. | |
| With the German government promising billions of euros of support for the buyer of GM Europe's main Opel and Vauxhall business, its choice is key. | With the German government promising billions of euros of support for the buyer of GM Europe's main Opel and Vauxhall business, its choice is key. |
| UK unions fear Berlin will back a buyer that puts saving German jobs first, at the possible cost of British cuts. | UK unions fear Berlin will back a buyer that puts saving German jobs first, at the possible cost of British cuts. |
| The Belgian government has also expressed concern for its Opel workers. | The Belgian government has also expressed concern for its Opel workers. |
| 'Working very hard' | 'Working very hard' |
| Tony Woodley, joint general secretary of the British Unite union, said the UK government was not doing enough to save workers at Vauxhall, Opel's UK arm, which employs 5,500 people mainly at plants in Luton and Ellesmere Port. | Tony Woodley, joint general secretary of the British Unite union, said the UK government was not doing enough to save workers at Vauxhall, Opel's UK arm, which employs 5,500 people mainly at plants in Luton and Ellesmere Port. |
| Mandelson: 'Bidders have commitment to Vauxhall production in the UK' | Mandelson: 'Bidders have commitment to Vauxhall production in the UK' |
| "Why is our government waiting for the German government to determine what's going to happen to our plants?" he said. | "Why is our government waiting for the German government to determine what's going to happen to our plants?" he said. |
| UK Business Secretary Lord Mandelson countered that he was working "very hard" on the issue of Vauxhall's future, and had received reassurances from the three main bidders for GM Europe over their commitment to the UK jobs. | UK Business Secretary Lord Mandelson countered that he was working "very hard" on the issue of Vauxhall's future, and had received reassurances from the three main bidders for GM Europe over their commitment to the UK jobs. |
| However, he did admit that job cuts may be likely in the longer term as Opel and Vauxhall needed to "consolidate". | However, he did admit that job cuts may be likely in the longer term as Opel and Vauxhall needed to "consolidate". |
| Lord Mandelson has already said the UK government is considering giving financial support to the eventual buyer. | Lord Mandelson has already said the UK government is considering giving financial support to the eventual buyer. |
| German meeting | German meeting |
| German Chancellor Angela Merkel is meeting representatives of General Motors (GM), GM Europe's parent, and US government officials on Wednesday night to discuss the four bids for Opel and its Vauxhall arm. | |
| THE FOUR GM EUROPE BIDS Fiat, Italian carmaker - 10,000 job cuts in Europe; could close one of four Opel factories in GermanyMagna, Canadian-Austrian car parts group - 2,500 job cuts in Germany; plans to inject between 500m and 700m euros into Opel; 10% of the new company would be owned by Opel employees; GM would keep a 35% stake in the company; bid in connection with Russia's state-run Sperbank and Oleg Deripaska's truck firm GazRHJ International, private equity firm based in Brussels - reports suggest it would also give employees a 10% equity stake in the companyBeijing Automotive Industry Corporation, car producer - China's fifth-largest car producer is a late entrant to the bidding The possible buyers of Opel | THE FOUR GM EUROPE BIDS Fiat, Italian carmaker - 10,000 job cuts in Europe; could close one of four Opel factories in GermanyMagna, Canadian-Austrian car parts group - 2,500 job cuts in Germany; plans to inject between 500m and 700m euros into Opel; 10% of the new company would be owned by Opel employees; GM would keep a 35% stake in the company; bid in connection with Russia's state-run Sperbank and Oleg Deripaska's truck firm GazRHJ International, private equity firm based in Brussels - reports suggest it would also give employees a 10% equity stake in the companyBeijing Automotive Industry Corporation, car producer - China's fifth-largest car producer is a late entrant to the bidding The possible buyers of Opel |
| A decision is not expected until Thursday at the earliest. | A decision is not expected until Thursday at the earliest. |
| The three main bids have come from Italian carmaker Fiat, Canadian car parts firm Magna, and Belgian investment firm RJH. A fourth late bid was made on Tuesday by China's Beijing Automotive Industry Corporation. | The three main bids have come from Italian carmaker Fiat, Canadian car parts firm Magna, and Belgian investment firm RJH. A fourth late bid was made on Tuesday by China's Beijing Automotive Industry Corporation. |
| The German government has pledged the most financial support for whoever is eventually chosen to take over Opel because the firm is headquartered in Germany, where it employs 25,000 of its 50,000 workers across Europe. | The German government has pledged the most financial support for whoever is eventually chosen to take over Opel because the firm is headquartered in Germany, where it employs 25,000 of its 50,000 workers across Europe. |
| The Belgian government, fearing for the future of Opel's plant in Antwerp, has called for more of a say in the choice of a preferred bidder. | The Belgian government, fearing for the future of Opel's plant in Antwerp, has called for more of a say in the choice of a preferred bidder. |
| Bankruptcy fears | Bankruptcy fears |
| The sale of Opel and Vauxhall comes as GM is struggling to avoid having to go into US bankruptcy protection before a 1 June deadline set by the American government. | The sale of Opel and Vauxhall comes as GM is struggling to avoid having to go into US bankruptcy protection before a 1 June deadline set by the American government. |
| Unite's Tony Woodley: 'I'm demanding Lord Mandleson travels to Germany and gets involved in negotiations' | Unite's Tony Woodley: 'I'm demanding Lord Mandleson travels to Germany and gets involved in negotiations' |
| Its hopes to avoid bankruptcy protection were dealt a blow on Tuesday when its bondholders turned down a debt for equity swap that would have greatly reduced its debt burden. | Its hopes to avoid bankruptcy protection were dealt a blow on Tuesday when its bondholders turned down a debt for equity swap that would have greatly reduced its debt burden. |
| GM spokesperson Julie Gibson said she was not aware of any plans to revisit the deal with bondholders. | GM spokesperson Julie Gibson said she was not aware of any plans to revisit the deal with bondholders. |
| "I don't think that is on the cards," she said. | "I don't think that is on the cards," she said. |
| The failure to do a deal "was a disappointment, but not a surprise," she added. | The failure to do a deal "was a disappointment, but not a surprise," she added. |
| A White House spokesman said on Wednesday that all GM's stakeholders - staff, management and bond holders - "would have to make sacrifices if we are going to see GM continue". | A White House spokesman said on Wednesday that all GM's stakeholders - staff, management and bond holders - "would have to make sacrifices if we are going to see GM continue". |