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Bidders Haggle Over Opel

The future of major global car makers including General Motors, Opel, Chrysler, and Fiat is being hammered out in negotiations and bankruptcy court Friday.

Opel, a Germany-based part of the troubled U.S. auto giant General Motors, is the subject of haggling between GM, potential buyers and the German government.

News reports on Reuters and in The New York Times say GM and the German government have worked out a preliminary deal to sell a major stake in Opel to Canadian auto parts dealer Magna. Italian carmaker Fiat has also been working to make a deal for Opel.

Opel employs tens of thousands of people in Germany, making possible job cuts an issue in upcoming elections there.

GM is trying to sell Opel before a June 1 deadline for the larger company to restructure or declare bankruptcy. GM's board of directors meets Friday to plan strategy, while union workers continue voting on contract concessions.

And bankruptcy court hearings continue for rival Chrysler, where a judge is considering a plan to sell most of the company to Fiat.

Some information for this report was provided by AFP, AP and Reuters.