Lord Mandelson has indicated that the UK Government could support the new General Motors Europe with loans. The Business Secretary visits GM?s van-making plant in Luton on Friday Photo: PA A consortium led by Canadian car parts group Magna is the leading bidder in attempts to acquire a majority stake in Opel and the UK’s Vauxhall, but it is believed to require €4.5bn (£3.9bn) of backing to see through the acquisition and support the restructured company. Previously it had been thought that if the UK was to back the deal, it would be with loan guarantees, however the Business Secretary indicated on Friday on a visit to GM’s van-making plant in Luton that it may be through a loan, potentially worth hundreds of millions of pounds. “Obviously we would have interest paid and some security,” he added. “This is taxpayers money we... [read full story]
