TIMELINE-GM's plans for its Opel unit

Nov 24 (Reuters) - General Motors [GM.UL] has slightly lowered its target for job cuts at struggling European unit Opel and will present its new recovery plan to Opel's labour leaders on Wednesday. [ID:nGEE5AN0ND]

Founded in 1863 and bought by GM in 1929, following is a timeline of events at Opel in the past year:

Nov. 2008 - Asks Germany for state loan guarantees.

April 28, 2009 - Canadian-Austrian firm Magna International Inc MGa.TO outlines offer for Opel.

May 20 - GM Europe says three bids have been made; Fiat (FIA.MI) confirms its bid and a source says private equity investor RHJ International (RHJI.BR) had bid.

May 30 - Germany agrees deal with Magna, GM and the U.S. government.

July 20 - GM receives binding bids for Opel from Magna, RHJ and China's BAIC.

July 23 - GM agrees to continue detailed talks with both Magna and RHJ. BAIC says next day it has dropped out.

Aug 19 - Germany says it could provide 4.5 billion euros in state aid for Opel without help from other European governments if GM chooses Magna as the buyer.

Sept 10 - GM agrees to sell a 55 percent stake in Opel to a group led by Magna.

Sept 14 - Magna says it will cut about 10,500 Opel jobs in Europe, mostly in Germany.

Oct 26 - Workers at Opel's Spanish plant accept Magna's industrial plan for the Figueruelas plan in northern Spain, clearing one of the last obstacles in the way of the deal.

Nov 3 - Opel's labour force agrees to contribute 265 million euros in annual savings if GM goes ahead with the sale. Hours later, GM announces plans to keep Opel rather than sell it.

Nov 6 - GM says Opel chief Carl-Peter Forster is leaving. Subsequently names Nick Reilly, head of international operations, as interim Opel head.

Nov 16 - Previous German pledges to provide state aid to Opel no longer apply after GM said it can restructure Opel alone, German Economy Minister Rainer Bruederle says.

Nov. 23 - Reilly says it will cost 3.3 billion euros ($4.9 billion) to rehabilitate Opel.

Nov 24 - Reilly says GM will on Nov. 25 present a reorganisation plan to Opel labour leaders which involves cutting up to 9,500 jobs.

(Compiled by Michael Shields and Maria Sheahan; Additional writing and editing by David Cutler, Carl Bagh and Jijo Jacob; Editing by David Holmes) ((michael.shields@thomsonreuters.com, Reuters Messaging: michael.shields.reuters.com@reuters.net; +49 69 7565 1266))