Has Mandelson Sold Vauxhall Down The Volga River?
So General Motors Europe, the company which incorporates both Vauxhall and Opel, has been bought by a consortium lead by Canadian car-part manufacturers Magna. The next question is 'Who is Magna?'
Flint, United Kingdom (PRWEB) June 5, 2009 -- So General Motors Europe, the company which incorporates both Vauxhall and Opel, has been bought by a consortium lead by Canadian car-part manufacturers Magna. The next question is 'Who is Magna?' Very few of us have ever heard of Magna. And of even greater concern is the other "financial backers" with an interest in the consortium.
A spokesman for Staveley Head, one of the UK's leading van insurance providers, said "Vauxhall Motors produce a substantial proportion of vans as well as cars in their two UK plants. Part of the agreement reached at last weekend's meeting was to move some production from GM Europe over to Mr Deripaska's Russian car-making company GAZ. We must fear for the future of commercial vehicle production in the UK as it is widely recognised that Mr Deripaska was instrumental in closing production at British van-maker LDV earlier this year."
The main backer is Russian car-maker GAZ, a company owned by Peter Mandelson's friend Oleg Deripaska, the Russian tycoon on whose £80million yacht Mandelson holidayed last year off the coast of Corfu while he was still an EU commissioner. It has also emerged that until last October Mr Deripaska was one of Magna's largest shareholders with a 20% stake in the company.
The purchase agreement was concluded last weekend at a meeting attended by the German government which was largely responsible for leading the negotiations, representatives of Magna and other interested parties. The British government's involvement extended to having a representative at the end of a telephone rather than in attendance at the meeting. Mr Mandelson's attitude to the proceedings would appear to have been something less than forceful.
Lord Mandelson appeared less than enthusiastic about Magna's commitment to continue van and car production at Vauxhall's UK plants in Luton and Ellesmere Port. He said "We have to encourage Magna to pin down their commitment here in the UK."
Lord Oakeshott, the Lib Dem Treasury spokesman, has tabled a string of Parliamentary questions aimed at uncovering if there was any contact between the men in advance of last weekend's deal. He said "Bailing out Rover proved a rotten deal for British taxpayers and workers. We can't afford a re-run of that farce with Deripaska ripping us off over Vauxhall."
If you want further information about this subject, or want cheap van insurance or simply want a quote. Staveley Head will be pleased to assist.
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