Car Moon

Citing an unnamed source close to the negotiations, Reuters reported on Friday that General Motors has reached a preliminary deal with Canadian auto parts supplier Magna International on the sale of Opel and Vauxhall. "We have an agreement in principle between GM and Magna," the source was quoted as saying. The two sides are said to have reached a tentative agreement and are now scrambling to work out the details before meeting with German Chancellor Angela Merkel later on Friday to sign a memorandum of understanding. Earlier today, Italian carmaker Fiat S.p.A pulled out of the talks with the German Government in Berlin over a financing dispute.