Magna is going to get GM Europe

| 29 May 2009 13:05

You probably saw in my links that Fiat had bowed out because of German government demands. The Magna story also comes via the BBC:

Canadian car parts maker Magna International is the preferred bidder for GM Europe, owner of Opel and Vauxhall, Lord Mandelson has said.

The UK business secretary said a deal between Magna and GM was very near.

He was speaking after reports that Magna had reached an agreement in principle to rescue GM Europe.

The other potential bidder, Fiat, did not attend Friday’s talks with the German government, saying Berlin’s position was "unreasonable".

GM in the US is expected to declare Chapter 11 bankruptcy on Monday.

Here is the associated video of Lord Mandelson spinning the details about how government in the UK sees things.

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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3 Comments

  1. avatar Charles Butler says:
    29 May 2009 at 19:05

    I think we called this one, didn’t we? Do we get a prize?