GM "ready to sell Vauxhall"

GENERAL Motors, the troubled US car giant, is reportedly willing to sell its European business, which includes Vauxhall.

Vauxhall’s 5,000 UK employees are waiting for news amid speculation that GM  – which has had to be rescued by a £9bn bailout from the US government – is talking to six investors, including private equity groups and rival car manufacturers, such as Shanghai Automotive, about a deal,
 
It is hoping to have a shortlist of bidders by early next month, reports said,

It is thought that GM’s European operations have enough money to last only until the end of June and that a buyer would have to be prepared to pump a minimum of £445m into Opel and Vauxhall.

In the UK, GM employs more 5,000 people, with 2,200 at Ellesmere Port, in Cheshire.GM has asked the Government for £500m towards a €3.3 billion support package from European governments.

Vauxhall is meant to be beginning production of a new Astra model at Ellesmere Port in the next few months.