Canadian auto parts manufacturer Magna is leading a consortium that will acquire GM's Opel and Vauxhall makes,which employ 25,000 workers in Germany and the U.K.The news was greeted with a mixed response.While German workers welcomed it,British workers questioned whether they would indeed be secure.A German election was just a few weeks away,and this was Chancellor Angela Merkel's project:she felt it would best protect German jobs.Magna was the bidder that agreed to do so.Fritz Henderson,GM CEO,had called the Chancellor's office to notify her of the GM board's decision to sell to the Magna group.
GM will keep 35% of Opel/Vauxhall;the employees will get 10%;and the Magna consortium will get 55%.GM expects the deal to close in November or December.Magna may cut as many as 10,500 jobs at Opel/Vauxhall-up to half of them in Germany.
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