Talks on the future of Opel have broken down after owner General Motors decided to ask for a further €300 million of state aid. The two bidders in the running to buy up the troubled German subsidiary are Canada’s Magna International and Italy’s Fiat

Here is an overview of the two offers currently on the table:

Magna International:

- Canadian auto parts maker Magna International and Russia’s top lender Sberbank, a state-controlled bank led by an ally of Prime Minister Vladimir Putin, have offered 700 million euros (970 million dollars).

- General Motors would retain a 35-percent stake in Opel under the terms of the offer, with Sberbank holding another 35 percent, Magna 20 percent and Opel employees 10 percent.

- Opel would also build cars at the GAZ factory in Russia, owned by metals tycoon Oleg Deripaska. This would give Opel access to the Russian market without having to pay high import tariffs.

- Magna has reportedly said it will cut 2,500 jobs in Germany but close no factories and has asked for five billion euros in loan guarantees from Berlin.

Fiat:

- Italian auto giant Fiat is not offering any cash but has said it will grant Opel access to its technology and sales network. Fiat would leave GM only a 10-percent stake in the company, the Detroit News reported.

- Fiat wants to combine General Motors’ European and Latin American operations with Chrysler, in which it has secured a 20 per cent stake, to create the world’s second largest automaker after Toyota of Japan.

- Fiat has said it will cut fewer than 10,000 jobs across Europe and could reportedly be forced to close one factory in Germany.

According to reports, it has asked Germany for €3 billion in loan guarantees.

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