Magna confirmed as GM Europe’s chosen buyer

General Motors (GM) has chosen the Canadian car parts manufacturer Magna to buy Opel and sister firm Vauxhall.

An announcement has been made by GM’s board, declaring it supports the Magna and Sberbank consortium’s bid for a 55% stake in Opel and Vauxhall. GM will hold a 35% stake and employees will be provided a 10% stake.

The UK Government has received assurances from Magna that jobs will not be lost at the Luton and Ellesmere Port factories. It is expected that the Vauxhall vehicle retail network will not be affected by this takeover.