The struggle to pick an owner for General Motors' Opel unit was set to come to a head on Thursday after the U.S. carmaker said it had made a decision and would communicate the verdict at a news conference.
Following is a summary of recent events at Opel, founded in 1863 and bought by GM in 1929:
Nov. 2008 – Opel asks Germany for state loan guarantees.
March 4, 2009 – GM Europe head Carl-Peter Forster says Opel could slash 3,500 jobs and relaunch as an independent company.
April 28 – Canadian-Austrian auto parts maker Magna presents outlines of an offer for Opel.
May 12 – Russian carmaker GAZ confirms its interest in a joint venture with Opel and Magna.
May 13 – Germany rules out temporary Opel nationalisation.
May 20 – GM Europe says three bids have been made; Fiat confirms it made a bid and a source says private equity investor RHJ International is also vying for Opel.
May 22 – Magna emerges as favourite after German officials say it submitted a better plan than rival bidders.
May 30 – Germany agrees deal with Magna, GM and the U.S. government to save Opel from the bankruptcy of its U.S. parent.
June 11 – Germany says it is still in talks with other potential investors on Opel.
July 20 – GM receives binding takeover offers for Opel from Magna, RHJ and Chinese carmaker BAIC.
July 23 – GM agrees to continue detailed talks with both Magna and RHJ International. BAIC says next day it has dropped out of the running.
July 28 – Magna offers to increase the upfront capital it would invest in Opel.
Aug. 11 – German Chancellor Angela Merkel says she is ready to intervene personally to support Magna's bid.
Aug. 19 – German government says could provide 4.5 billion euros in state aid for Opel without help from other European governments if GM chooses Magna as the buyer.
Aug. 22 – GM board meeting fails to pick a buyer.
Aug. 24 – Sources with knowledge of the deliberations say GM is considering a plan to raise funding to keep Opel instead of selling the company.
Sept. 1 – RHJ improves offer.
Sept. 9 – After a two-day board meeting, GM shakes up its management and dispatches its chief negotiator on the sale of Opel to Berlin to announce GM's pick of a buyer, people familiar with the proceedings say.
