Vauxhall Owner Wants To Tap Govt For 440m

44 mins ago
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Vauxhall owner GM Europe is to ask the British Government for a 440m lifeline in return for an equity stake in the company, according to Sky sources. Skip related content
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Vauxhall Owner Wants To Tap Govt For 440m

The company is planning to make an official proposal to the Government early next week.

The move comes as GM Europe continues its drive to spin itself off from its struggling parent, US giant General Motors.

It is talking to governments in countries where it has car plants to try to get funding.

It is understood to be asking Spain for more than 600m and a far larger sum from Germany.

If the Government does not want to buy a stake, the company says it still needs the money to survive.

This may mean asking for a loan, either from the Government or the European Investment Bank.

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