Mandelson hints at Vauxhall loans to sweeten GM Europe deal

Posted on July 3rd, 2009 by News in Manufacturers, News

The UK is prepared to provide loans or loan guarantees to help push through the sale of Vauxhall, Business Secretary Lord Mandelson has said.

Vauxhall is owned by General Motors (GM) Europe, which is in talks to be taken over by Magna, a car parts maker.

“We would obviously have to have interest paid and some security,” he said. “This is taxpayers’ money we are dealing with, and a lot of it.”

Lord Mandelson refused to say how much these loans could be for.

Source: BBC News

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