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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Britain will not back Opel plan: report AFP - Friday, October 9 Send IM Story Print German Labour Minister Olaf Scholz holds a t-shirt reading "We are Opel" during a works meeting at the Opel plant in Kaiserslautern, western Germany last month. Britain will not support a restructuring plan by auto parts maker Magna for carmaker Opel in its present form, the Daily Telegraph reported Friday. LONDON (AFP) - – Britain will not support a restructuring plan by auto parts maker Magna for carmaker Opel in its present form, the Daily Telegraph reported Friday. The paper quoted Business Secretary Peter Mandelson as saying that the present plan had "shortcomings", adding: "If there are not to be negative consequences for Vauxhall, the plan needs to be redressed in certain ways." Accountants PricewaterhouseCoopers have been brought in to scrutinise the plans separately from a German study, the Telegraph said. Canadian auto parts maker Magna and its Russian partner, state-owned lender Sberbank, struck a preliminary deal last month to buy a 55-percent stake in Opel from US parent company General Motors. Britain has 4,700 workers at two plants at Opel's Vauxhall operations. On Thursday, the German government denied a report in the Handelsblatt business daily that the deal was in jeopardy unless other European countries weighed in with large state aid packages. The German government had agreed to sweeten the deal with 4.5 billion euros (6.6 billion dollars) worth of state aid. But this was on the understanding that other European countries where Opel has plants, including Britain, also contribute to the aid. Recommend Send IM Story Print News Search Top Stories Britain will not back Opel plan: report US Fed to tighten policy when outlook improves Millionaire's son guilty in NY high society trial NASA to begin massive climate survey of Antarctica Chinese fossil find gives clue to ear's evolution More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Tiny moon feeds largest ring around Saturn Tiny device could speed breast cancer detection: study Aer Lingus to slash hundreds of jobs, cut pay Chinese fossil find gives clue to ear's evolution Breakthrough hope for breast cancer treatment More Most Viewed » Oldest hominid skeleton sheds light on human origins More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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