Car parts maker Magna International has emerged as the likely buyer for Vauxhall-owner GM Europe following talks with the German government on Friday afternoon.

 

Magna’s bid is being backed in part by the Russian Gaz group, which is owned by Oleg Deripaska.

Gaz is the owner of British-based van manufacturer LDV, which is currently being sold to the Malaysian Weststar group after LDV was forced to the brink of administration.

Fiat did not attend the talks in Germany, effectively ending any likelihood of it continuing to bid for GM Europe.

The deal is likely to be formalised over the weekend, after discussions between parent company GM in the US and the German government, which will provide funding for the new owner to protect jobs.

Separately, GM is likely to enter into Chapter 11 bankruptcy protection in the US on Monday.

Come back to fleetnews.co.uk on Monday for reaction to the story, and the implications for Vauxhall and its workers in the UK.