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Magna 'agrees to buy GM Europe' Magna 'agrees to buy GM Europe'
(10 minutes later)
Car parts maker Magna International has reached an agreement in principle to rescue GM Europe, owner of Opel and Vauxhall, reports say. Canadian-Austrian car parts maker Magna International has reached an agreement in principle to rescue GM Europe, owner of Opel and Vauxhall, reports say.
The agreement was reached with General Motors, but will need to be approved by the German government, which will be providing funding to the new owner.The agreement was reached with General Motors, but will need to be approved by the German government, which will be providing funding to the new owner.
The other potential bidder, Fiat, said it would not be attending Friday's talks with the German government.The other potential bidder, Fiat, said it would not be attending Friday's talks with the German government.
GM in the US is expected to declare Chapter 11 bankruptcy on Monday.GM in the US is expected to declare Chapter 11 bankruptcy on Monday.
There is due to be a meeting in Berlin at 1800 local time (1600 GMT) attended by Chancellor Angela Merkel, the ministers involved and officials from the German states that contain GM plants to discuss whether to approve the deal.There is due to be a meeting in Berlin at 1800 local time (1600 GMT) attended by Chancellor Angela Merkel, the ministers involved and officials from the German states that contain GM plants to discuss whether to approve the deal.
Extra funding
Magna and GM will not be attending the meeting at first, although they may be invited later.Magna and GM will not be attending the meeting at first, although they may be invited later.
There have been suggestions in the German media that it may be cheaper for the German government to allow GM Europe to declare itself insolvent than to allow it to be bought.There have been suggestions in the German media that it may be cheaper for the German government to allow GM Europe to declare itself insolvent than to allow it to be bought.
On Thursday, the German government criticised the US Treasury and General Motors after being told at the last minute that GM Europe would need another 300m euros ($415m; £260m) in short-term funding.On Thursday, the German government criticised the US Treasury and General Motors after being told at the last minute that GM Europe would need another 300m euros ($415m; £260m) in short-term funding.
It has already offered almost 1.4bn euros in loan guarantees.It has already offered almost 1.4bn euros in loan guarantees.
Magna and GM will also have to make sure that GM Europe is restructured in a way that will protect the carmaker if, as expected, its parent company in the US declares itself bankrupt.