Germany buys into Magna to save Opel
The largest car parts maker in Germany Magna, has got a life line support from the Germany government in the form of a 2.1 billion dollar loan immediately, which is expected to help it take over Opel.
The buyout is likely to help to save thousands of jobs at Opel which was on the verge of being lost. The loan facility to Magna will help the German government to postpone further job losses in the already battered auto industry. Still there could be around 2500 job losses, as per reports.