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General Motors European operations sold

In a surprising development, Fiat dropped out of the bidding for the GM European arm leaving the way free for Magna International which is a collaboration between Russian investors and bankers, with GM and employees also retaining a stake. This should hopefully see the Vauxhall operation, the key to the UK car manufacturing industry, change hands over the next few days and eventually see GM Motors are file for Chapter 11 bankruptcy protection in the US.

This is the latest in a number of twists regarding the ownership of various GM Motors subsidiaries around the world. There had been, and still are to a certain extent, concerns regarding the outlook for the UK operation even though it appears that Magna International is looking to invest and build for the future. Once the transaction is completed, after the books have been reviewed, there is likely to be close contact with the UK government as to how both parties can come together for the good of the UK economy and the UK workforce.

While GM Motors has possibly suffered more than many in the worldwide economic crash, it may not be the last of major international breakups as finance is still very hard to come by in many areas.

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