TIMELINE: Hope for Opel as sources say Magna reaches deal

(Reuters) - Canadian car parts group Magna has reached a preliminary deal with General Motors to invest in its German unit Opel, sources close to the negotiations told Reuters on Friday.

Here is a summary of recent events at Opel, founded in 1863 and bought by GM in 1929:

November 2008 - Opel asks Germany for state loan guarantees.

February 2009 - GM presents restructuring plan to the U.S. government, puts its Swedish unit Saab up for sale and says it will need to cut $1.2 billion of costs in Europe.

March 4 - GM Europe head Carl-Peter Forster says Opel could slash 3,500 jobs and relaunch as an independent company, including UK-based Vauxhall.

March 16 - Opel's hopes of getting state aid dealt a blow when a government enquiry finds it is not possible to completely separate it from its U.S. parent.

April 23 - An Opel supervisory board member says GM is moving nearer to a deal to offload Opel, having found a prospective buyer in Fiat.

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 nationalization.

May 16 - Opel could go bankrupt if competing business plans from Fiat and Magna are both unsuitable, Germany's Economy Minister Karl-Theodor zu Guttenberg says.

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 also made a bid.

May 22 - Magna emerges as favorite after German officials say it has submitted a better plan than rival bidders.

May 23 - Guttenberg says Fiat has improved its bid and other bidders may be willing to sweeten their offers as well.

May 25 - Germany says it wants to keep as many Opel jobs and sites as possible and avoid an insolvency of the car maker.

May 26 - Chinese carmaker Beijing Automotive Industry Holding Co (BAIC) emerges as a last minute contender for Opel.

May 27 - Fiat Chairman Luca Cordero di Montezemolo says Fiat has "done all it can do to win Opel deal."

May 28 - Twelve hours of talks to provide Opel with financing should GM file for bankruptcy end without a deal.

-- EU confirms ministers will meet on Friday on Opel.

May 29 - Fiat says it will skip a German government meeting in Berlin to discuss emergency funding of Opel. Fiat says it has been unable to get full access to Opel financial records and frame a merger proposal fair both to GM and to itself.

--Marchionne says "life will move on" event without Opel.

--Magna and GM reach a preliminary deal, sources close to the negotiations tell Reuters.

(Compiled by Maria Sheahan; Additional writing by David Cutler; editing by Rupert Winchester)