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Magna emerges as preliminary GM Europe winner

Date: 29 May 2009

Canadian car parts manufacturer Magna appears to have won the race for GM Europe after confirmation that the firms had agreed a preliminary rescue deal.

The two parties are set to meet German Chancellor Angela Merkel to discuss the deal, which will lead to full due diligence.

Fiat withdrew from talks with the German government earlier today, blaming "unreasonable" funding demands, but it said it was still interested in talking with GM about its European subsidiary.

Rumours continue to circulate in America that GM is a matter of days away from filing for Chapter 11 bankruptcy protection.