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GM looks towards European Governments for funding

General Motors is pressing the British Government to take a stake in the company to help rescue its European operations.

Reports vary as to how much GM wants the government to invest, although it is thought  to be about £450 million.

The request comes following news the German Government could take a majority stake in a new standalone GM Europe business, reports The Times.

GM suggests Germany take a 60 per cent share in the firm.

It is believed the carmaker has also asked Spain for more than £600 million, reports Sky News.

GM warned this week its European division would run out of cash within weeks unless Europe's governments, including the UK, could provide £2.9 billion in aid, reports The Times website.

The website also says Britain's Vauxhall factories are not at risk of closure, at the moment.

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