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THURSDAY, NOVEMBER 26, 2009
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GM's Opel, Vauxhall Get a Shot at Survival

Canadian firm wants to buy brands, but deal needs German help

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(Newser) – 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.

Magna International Inc. Chairman Frank Stronach arrives for a meeting about the future of Opel at the Chancellery in Berlin, Wednesday, May 27, 2009.
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)
The logos of car brands Opel and Chevrolets are seen at a local dealer of troubled GM Opel in Ghent, Friday, May 29, 2009.
The logos of car brands Opel and Chevrolets are seen at a local dealer of troubled GM Opel in Ghent, Friday, May 29, 2009.   (AP Photo/Yves Logghe)
German Economic Minister Karl-Theodor zu Guttenberg briefs the media in front the Chancellery before a meeting about the future of Opel , in Berlin, on Friday, May 29, 2009.
German Economic Minister Karl-Theodor zu Guttenberg briefs the media in front the Chancellery before a meeting about the future of Opel , in Berlin, on Friday, May 29, 2009.   (AP Photo/Gero Breloer)
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