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Mandelson snubs Magna bid

Business secretary Lord Mandelson has refused to back Magna’s bid for Vauxhall and Opel in its current form, after bringing in PricewaterhouseCoopers to go over the plans. PwC were brought in to review Magna’s bid separately from Germany, as concerns on UK jobs grew. If the UK doesn’t back the bid, Opel will miss out on £400m of financial support.