General Motors Corp. (GM) reportedly found a buyer for its majority stake in German unit Opel a day after the struggling automaker said it does not plan to repay a $1 billion debt due June 1.
Citing sources familiar with the matter, German magazine Der Spiegel reported that Fiat SpA was close to a deal to buy a large chunk of GM's European business. The Italian carmaker is already in talks to buy a stake in Chrysler LLC with an April 30 deadline for the transaction.
A unit of Canadian auto parts manufacturer Magna International Inc. (MGA) is also reported to have shown interest in the Ruesselsheim-based Opel. However, none of the parties confirmed these reports.
GM needs to sell a large stake in Opel to get about $4.30 billion in German government loan guarantees to keep the unit afloat. The Detroit auto giant
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