TIMELINE-11th-hour deal saves Opel

May 31 (Reuters) - A German government-orchestrated rescue
of struggling carmaker Opel has opened divisions in Chancellor
Angela Merkel's conservative alliance only four months before
the country's federal election.

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.

Feb. 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 nationalisation.

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 favourite 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.

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 has agreed to take over parts of the new European
Opel activities from parent GM in a letter of intent that is not
yet legally binding. 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.

(Compiled by Maria Sheahan; Additional writing and editing by
David Cutler and Erica Billingham)