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Newsflash: Magna 'agrees to buy GM Europe': latest news

Latest news: what Magna's deal means for GM Europe By Tim Pollard Motor Industry 29 May 2009 19:31 Canadian parts giant Magna this afternoon struck an agreement in principle to buy stricken GM's European arm, Opel and Vauxhall. The agreement has not yet been confirmed publicly and is still in the early phase, but brings to an end an uncomfortable round of talks in the past 48 hours which saw a spat between American negotiators and European politicians, and Fiat CEO Sergio Marchionne walking away from the table.Once sealed, the deal must first be approved by the German government, which is to provide interim funding to the new owners. However, Italian car maker Fiat isn't yet totally ruled out of the running, as Magna's chief exec earlier today intimated that he could be interested in cooperation.CAR Online will update with the latest developments as they happen.

Grab a ‘VAT Free’ Skoda Octavia

In yet another ‘Sign of the times’ Skoda has announced that they are now offering ‘VAT Free Octavias’ until the end of the year. No, this is not a tie-up between Alistair Darling and VW, it’s just Skoda’s way of offering a headline price decrease of a bit over 13% (less expensive to Skoda than last week for the same headline, to be fair, and there is a new model due in January!). Grab a VAT free Skoda Octavia I’m pretty sure that there will be a raft of these ‘VAT Free’ offers floating around on everything from cars to washing machines, capitalising on the fact the VAT is in the headlines.

Volkswagen Touareg

Volkswagen revealed the all-new Touareg at a launch event in Munich. The second generation SUV is longer than its predecessor, but also lighter and lower for improved efficiency. Significant aerodynamic work was undertaken to refine the design to achieve a lower Cd value.