Morning:
14°c
Vauxhall workers sweat it out as decision looms in Opel bid
20.07.09
Around 5000 British workers are waiting on the future of Vauxhall as final bids go in for its German parent Opel, part of the for-sale European arm of the bust General Motors.
It had been assumed that GM Europe would be bought by a consortium led by Magna International, a Canadian car part manufacturer with European interests.
The consortium is backed by the Russian bank Sberbank with an industrial partner in the shape of the Russian carmaking interests of Oleg Deripaska, friend of UK Business Secretary Lord Mandelson and former owner of LDV vans.
But Amsterdam-listed RHJ International, an associate of the US private equity firm Ripplewood, has emerged as a potential 11th -hour counter-bidder.
It is uncertain what RHJ's plans for Vauxhall in the UK might be, though they are thought to include at least proposals for pay cuts.
Magna has made commitments — though only until 2013 — to keep Vauxhall in business in Britain, making the Vivaro van at Luton and the Astra at Ellesmere Port on Merseyside.
