General Motors and Canadian auto parts group Magna International have reportedly reached an agreement in principle that could rescue ailing German carmaker Opel.
The two sides have been trying to agree on a memorandum of understanding that would serve as the basis for bridge financing of €1.5 billion.
There would also be a trustee solution that would protect Opel from creditors in case parent GM files for Chapter 11 in US bankruptcy court.
'A framework agreement has been reached. The goal is to work out as many of the details as possible before the meeting with (Chancellor Angela) Merkel in order to sign a memorandum of understanding today,' one source with knowledge of the talks told Reuters.
