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Vauxhall and Opel may get short term funding

GM Europe and Canadian parts firm Magna have come to an initial agreement over the short term funding of Vauxhall and its German sister Opel.

Sky News understands they are both about to sign a memorandum of understanding which would provide emergency cash while talks continue over the future of the European arm of General Motors.

The development places Magna in a favourable position to buy GM Europe, although rival bidder Fiat has immediately reaffirmed its interest.

There is due to be a meeting in Berlin at 6pm today (4pm GMT) by officials from the German states which contain GM plants to discuss whether to approve the deal.

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