hether Berlin would offer a similar loan to GM if RHJ were chosen, Mr Homann said: The question doesn't arise, because the German government has a preference for Magna's improved offer. It's possible that the GM board will review both offers on Friday and will give a recommendation, added Mr Homann. Magna's offer for Opel is backed by Russia's Sberbank MBT shoes. Germany said Magna would have to pledge to invest 450m euros of its own funds in Opel to get the 4.5bn euro loan. Meanwhile, Germany's Frankfurter Allgemeine Zeitung has speculated that the loan will be expensive, carrying an interest rate of 10.5%. 'No UK closures'Opel employs a total of 54 MBT shoes sale,000 workers across Europe, with 25,000 based in Germany MBT Shoes. Its Vauxhall UK business employs about 5,000 people across its two sites in Luton and Ellesmere Port. Magna has said that no immediate plant closures are contemplated in the UK should its bid be successful. RHJ is also expected to support saving both Vauxhall factories, but may ask workers to take pay cuts. GM was forced to put Opel up for sale as part of its massive restructuring that saw it go into Chapter 11 bankruptcy in the US - before emerging as a leaner company with less debt. The German government has already given Opel 1.5bn euros of short-term loans to help it maintain its finances until the sale to either Magna or RHJ is concluded. UK business secretary Peter Mandelson said he expected the carmaker to take an objective, commercial decision about the future of its European operating divisions. This decision, above all, needs to secure the long term viability of both Opel and Vauxhall in the UK and should be not be distorted by political considerations in any one country, he added. The UK Government has asked the GM board to take full account of the relevant interests in all European countries as this will shape the public funding decisions by all the member states and state aid approval by the European Commission.
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