Canadian Auto Company Magna to cut 10,500 jobs; 4,500 in Germany

Canadian auto parts maker Magna and its Russian finance partner plan to cut 10,500 jobs in Europe when taking over car makers Opel and Vauxhall, 4,500 of them in Germany, a German newspaper reported.

The Frankfurter Allgemeine Sonntagszeitung (FAS), in its weekly edition to appear Sunday, reported the number of anticipated job cuts citing a spokesman for Magna.

The weekly Der Spiegel put the job losses at Opel in Germany at 4,100, with the buyers of a controlling stake in General Motors' European units planning "to eliminate 3,000 jobs in production and 1,100 in administration", Der Spiegel reported without citing any sources, in its edition to appear Monday.

Germany has promised 4.5 billion euros ($6.6 billion) in state guarantees, to which other European governments were expected to contribute. But as the dust settled on the Opel deal, it was still unclear when and how much they would give.

"We'll make a decision (on the timing) once we have further details," a spokesman for Spain's industry ministry said.

Any aid will require approval by the European Union.