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| Germany picks Magna to save Opel | Germany picks Magna to save Opel |
| (10 minutes later) | |
| Germany has agreed a deal with Magna International, a Canadian car parts maker, to take over Opel, the European wing of US carmaker GM, reports say. | Germany has agreed a deal with Magna International, a Canadian car parts maker, to take over Opel, the European wing of US carmaker GM, reports say. |
| Talks in Berlin continued into early Saturday before Germany's finance minister announced a deal. | Talks in Berlin continued into early Saturday before Germany's finance minister announced a deal. |
| The German government is expected to provide an immediate loan facility of 1.5bn euros ($2.1bn). | The German government is expected to provide an immediate loan facility of 1.5bn euros ($2.1bn). |
| But 2,500 jobs in Germany could be lost and a UK minister has accepted "there is excess capacity" in GM's operations. | But 2,500 jobs in Germany could be lost and a UK minister has accepted "there is excess capacity" in GM's operations. |
| Finance Minister Peer Steinbrueck told journalists outside the chancellery shortly after 0200 on Saturday that a deal had been agreed. | Finance Minister Peer Steinbrueck told journalists outside the chancellery shortly after 0200 on Saturday that a deal had been agreed. |
| "We have an agreement," Mr Steinbrueck, the AFP news agency quoted him as saying, following six hours of talks between German politicians, US government officials and executives from GM and Magna. | "We have an agreement," Mr Steinbrueck, the AFP news agency quoted him as saying, following six hours of talks between German politicians, US government officials and executives from GM and Magna. |
| Magna, backed by a Russian bank and truckmaker, has said it will put more than 500m euros ($700m; £435m) into Opel. | Magna, backed by a Russian bank and truckmaker, has said it will put more than 500m euros ($700m; £435m) into Opel. |
| General Motors, Opel's current parent company, is expected to file for bankruptcy protection in the US in the coming days. | General Motors, Opel's current parent company, is expected to file for bankruptcy protection in the US in the coming days. |
| The talks in Berlin were aimed at securing the future of Opel, which employs more than 25,000 people in Germany. | The talks in Berlin were aimed at securing the future of Opel, which employs more than 25,000 people in Germany. |
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