GM's Opel, Vauxhall Get a Shot at Survival

Canadian firm wants to buy brands, but deal needs German help
By Matt Cantor,  Newser User
Posted May 29, 2009 11:48 AM CDT
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)
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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.