TIMELINE-Magna agrees in-principle deal with GM over Opel

Aug 13 (Reuters) - Magna (MGa.TO) and Russia's Sberbank
(SBER.RTS) have reached agreement in principle with General
Motors' [GM.UL] management over a contract to buy a stake in
GM's European unit Opel, Magna co-CEO Siegfried Wolf told
Reuters on Thursday. [ID:nLD633635]

Here 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 - GM Europe head Carl-Peter Forster says Opel could
slash 3,500 jobs and relaunch as an independent company.

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 GM.

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 also bid.

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

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

May 30 - Germany seals a deal with Magna, GM and the U.S.
government to save Opel from the bankruptcy of its U.S. parent.

-- Magna agrees to take over parts of the new European Opel
activities from parent GM in a letter of intent. Germany is to
provide 4.5 billion euros in loan guarantees and Magna will loan
Opel 300 million euros to cover short-term liquidity needs.

June 4 - Russia's Sberbank announces a 500 million euro
($708 million) cash injection for Opel. Sberbank and Magna, its
partner in the winning consortium for Opel, will each commit
part of the funds in proportion to their stakes.

June 26 - Fiat Chief Executive Sergio Marchionne says
remains interested, but Fiat's current bid is best it can do.

July 20 - GM receives binding takeover offers for Opel from
Magna, RHJ and BAIC.

July 23 - GM agrees to continue detailed talks with both
Magna and RHJ International. The next day, BAIC fails to reach
an agreement due to intellectual property issues.

July 28 - Magna offers to increase the upfront capital it
would invest in Opel. The revised bid leaves the total proposed
amount at 500 million euros.

Aug. 11 - German Chancellor Angela Merkel says she is ready
to intervene personally to support Magna's bid.

Aug. 13 - Magna and Sberbank reach an agreement in principle
with GM over a contract to buy a stake in Opel. The boards of GM
and Magna still need to approve a deal before trustees who
control a 65 percent stake in Opel can give their final consent.
(Compiled by Maria Sheahan, additional writing by David Cutler,
editing by Will Waterman)