Last chance for GM Europe bidders
* Bids should be submitted today * Vauxhall's fate will be decided * UK jobs are in the balance...
Vauxhall's future will become clearer today.
A deal had been agreed to sell GM Europe which owns Vauxhall in the UK and Opel in Germany to Canadian car component maker Magna at the end of May.
However, more bids have since been received from RJH, a Belgian industrial conglomerate, and Chinese car maker Beijing Automotive Industry Holding Company (BAIC). GM has issued a statement saying that final bids from all three groups must be lodged by the end of business today.
UK jobs under threat
Many jobs hinge on the deal, and provisional decisions on the outcome could be reached by as early as Wednesday. A consultation period will then take place with the UK and German Governments, both of which have pledged cash to help safeguard jobs at Vauxhall and Opel factories.
UK workers are at most risk from job cuts, though, because the German Government has pledged the most cash to GM Europe's eventual new owner safeguarding more jobs at Opel factories in Germany.
The deal is expected to be finalised in August.
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