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| UK jobs hope as GM deal agreed | |
| (about 4 hours later) | |
| Business Secretary Lord Mandelson has said he is optimistic that Vauxhall can be saved, as a deal to rescue GM's European businesses has been reached. | |
| Germany has agreed a deal with Canadian car parts maker Magna International to take over Opel, the European wing of US carmaker GM. | |
| GM Europe owns Vauxhall and the German-based Opel. | |
| Lord Mandelson said that Magna had made it clear that they were committed to continued production in the UK. | Lord Mandelson said that Magna had made it clear that they were committed to continued production in the UK. |
| He added he would be seeking a meeting to "reinforce that commitment". | He added he would be seeking a meeting to "reinforce that commitment". |
| Lord Mandelson was speaking after reports that Magna had reached an agreement in principle to rescue GM Europe. | Lord Mandelson was speaking after reports that Magna had reached an agreement in principle to rescue GM Europe. |
| "It looks as if GM in Europe can be saved, it can be turned around," he told the BBC. | "It looks as if GM in Europe can be saved, it can be turned around," he told the BBC. |
| But he added: "Of course it will involve change, there is excess capacity." | But he added: "Of course it will involve change, there is excess capacity." |
| Vauxhall employs 5,500 people in the UK. It has two plants at Ellesmere Port and in Luton. | Vauxhall employs 5,500 people in the UK. It has two plants at Ellesmere Port and in Luton. |
| GM in the US is expected to declare Chapter 11 bankruptcy on Monday. | GM in the US is expected to declare Chapter 11 bankruptcy on Monday. |
| Late-night talks | Late-night talks |
| See GM production centres in EuropeEnlarge Map | See GM production centres in EuropeEnlarge Map |
| Talks in Berlin - attended by Chancellor Angela Merkel, other German ministers and officials from the German states that contain GM plants - discussed the offer from Magna. | |
| Magna, backed by a Russian bank and Russian truckmaker GAZ, says it will invest more than 500m euros into Opel. | |
| The ultimate decision on who can buy Opel and Vauxhall has rested with GM but the German government's preference has been key because Berlin pledged the most financial support for the eventual buyer. About half of GM Europe's 50,000 workers are employed in Germany. | |
| The German government is expected to provide an immediate loan facility of 1.5bn euros ($2.1bn). | |
| The other potential bidder had been Fiat, which did not attend Friday's talks with the German government, saying Berlin's request for additional funds was "unreasonable". | |
| Magna's willingness to put forward bridging finance had put them in a better position than Fiat, Lord Mandelson said. | |
| Do you work at any of GM's plants in Europe? What are your hopes for the future of the company. Send us your comments using the form below. | Do you work at any of GM's plants in Europe? What are your hopes for the future of the company. Send us your comments using the form below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |