AP sources: GM recommends Magna for Opel
BERLIN - BERLIN (AP) — Two German officials have told The Associated Press that General Motors Co. will recommend selling its Opel unit to Canada's Magna International Inc.
The officials spoke on condition of anonymity Thursday because the decision had not yet been made public. The trust overseeing Opel scheduled a press conference later in Berlin. Adam Opel GmbH employs more than 49,000 people in Europe.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
Some key events in the General Motors Co. and Adam Opel Gmbh saga:
January 1863 — Adam Opel founds company and manufactures sewing machines.
1886 — Opel begins making bicycles.
1899 — Opel begins manufacturing automobiles.
Sept. 16, 1908 — General Motors Co. founded by William C. Durant, incorporating Buick Motor Co. Oldsmobile joins GM in November.
1915-16 — GM incorporated as General Motors Corp.
1925 — GM acquires Vauxhall Motors Ltd. of Great Britain. Also establishes operations in Germany, France, Argentina and Brazil.
1929 — GM acquires Adam Opel AG of Germany.
November 2008 — Opel seeks state loan guarantees from German government.
December 2008 — GM tells U.S. Congress it needs $18 billion to stay afloat.
Feb. 17, 2009 — GM's Saab unit files for bankruptcy in Sweden.
March 4 — GM Europe chief executive Carl-Peter Forster floats idea of cutting 3,500 jobs at Opel and relaunching it as an independent company.
April — Canadian auto makers maker Magna International Inc. offers bid for Opel.
May 20 — GM says three companies make bids for Opel, including Italy's Fiat SpA, Magna and Sberbank and RHJ International SA.
May 27 — Germany confirms that China's Beijing Automotive Industry Holding Co. makes bid for Opel.
May 30 — German government says a plan is approved for Canadian auto parts maker Magna International Inc. and Russia's Sberbank to move forward with rescue of GM's European Opel unit. RHJ later sweetens its own offer while Fiat declines to move forward.
June 1 — GM files for Chapter 11 bankruptcy protection.
July 9 — GM emerges from bankruptcy protection.
July 20 — GM says it received offers for Opel from Magna, RHJ and BAIC.
Aug. 5 — GM's new board meets for the first time.
Aug. 19 — Germany offers euro4.5 billion in credit available to a Magna, Sberbank deal.
Sept. 2 — RHJ modifies offer for Opel, agreeing to put in more cash and seek lower loan guarantees.
Sept. 8-9 — GM's board meets to discuss bids for Opel, along with possibility of keeping Opel or letting it slide into bankruptcy.
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Sources: Associated Press archives, General Motors Europe.
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