General Motors to retain ownership of Vauxhall
And so on the day after a fantastic England win in Europe with a football, English employees at Vauxhall’s plant in Luton and Ellesmere Port, Merseyside can also jump for joy, at least temporarily as General Motors (GM) is set to retain ownership of its European business.
The US carmaker had been considering selling its European Opel and Vauxhall brands in the face of the worldwide downturn in new vehicle sales. An announcement is expected to made in Berlin later today, ending months of speculation about the future of the business.
Following two days of intense negotiation in Detroit, the home of American motoring, General Motors has made a decision regarding the fate of Opel, and Vauxhall, and will communicate the verdict to Germany and other European governments.
There were fears by unions that in selling Opel to either of the potential bidders Canada’s Magna, backed by Russia’s Sberbank, or RHJ International, a Brussels-based investment house, could result in lost jobs of up to 5,500 people.
A short a term win for Vauxhall, and potential that General Motors see the car market improving.