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Fiat boss's last-ditch Opel talks Fiat boss's last-ditch Opel talks
(about 2 hours later)
German Chancellor Angela Merkel has met Fiat boss Sergio Marchionne to discuss his firm's bid to buy Opel from GM.German Chancellor Angela Merkel has met Fiat boss Sergio Marchionne to discuss his firm's bid to buy Opel from GM.
Her government is also considering a Russian-backed bid from Canada's Magna and one from Brussels-based RHJ, backed by US private equity firm Ripplewood.Her government is also considering a Russian-backed bid from Canada's Magna and one from Brussels-based RHJ, backed by US private equity firm Ripplewood.
It is reported to be holding a meeting on Wednesday evening, after which it will announce a preferred bidder.It is reported to be holding a meeting on Wednesday evening, after which it will announce a preferred bidder.
The government is being asked to give loan guarantees to the winning bidder, so it has a big say in the process.The government is being asked to give loan guarantees to the winning bidder, so it has a big say in the process.
Meanwhile, UK business secretary Lord Mandelson said that both Fiat and Magna had made "a clear commitment" to Vauxhall - the UK part of GM's European business.
He said that UK had "not ruled out making a financial contribution to securing the future of Vauxhall as part of a long-term commercial plan to stabilise the future of GM in Europe."
June deadline
A Fiat spokesman said that Mr Marchionne and Ms Merkel had discussed the bid for an hour.A Fiat spokesman said that Mr Marchionne and Ms Merkel had discussed the bid for an hour.
The RHJ and Magna consortia are expected to meet employee representatives from Opel on Tuesday to explain their plans.The RHJ and Magna consortia are expected to meet employee representatives from Opel on Tuesday to explain their plans.
As it is a German election year, the German government is likely to favour offers that limit the number of job cuts.As it is a German election year, the German government is likely to favour offers that limit the number of job cuts.
June deadline
The sale of GM's European units is part of the reorganisation of the carmaker, which is battling to avoid bankruptcy.The sale of GM's European units is part of the reorganisation of the carmaker, which is battling to avoid bankruptcy.
Opel's possible buyersOpel's possible buyers
GM faces a 1 June deadline to either restructure its debt or file for bankruptcy, and some newspapers are reporting that it will take the same option as its rival Chrysler and file for Chapter 11 bankruptcy protection.GM faces a 1 June deadline to either restructure its debt or file for bankruptcy, and some newspapers are reporting that it will take the same option as its rival Chrysler and file for Chapter 11 bankruptcy protection.
If it is to avoid bankruptcy, the carmaker will need to reach agreement with its bondholders.If it is to avoid bankruptcy, the carmaker will need to reach agreement with its bondholders.
GM has set a deadline of midnight EDT on Tuesday (0400 GMT on Wednesday) for agreement from the bondholders.GM has set a deadline of midnight EDT on Tuesday (0400 GMT on Wednesday) for agreement from the bondholders.
It has proposed giving the bondholders a 10% stake in the company while giving 50% to the US Treasury.It has proposed giving the bondholders a 10% stake in the company while giving 50% to the US Treasury.
The existing shareholders would end up with an extremely small stake in the company under the plans.The existing shareholders would end up with an extremely small stake in the company under the plans.