The crank turns the camshaft via a chain. If the chain did break, then engine definitely would not run.
If the diesel is a non-interference engine, then you could probably just put a new chain in. Though it won't be cheap. But a lot cheaper than a new engine.
If the diesel is an interference engine, then the valves would have hit the pistons and you would need a lot more work done.
But chains snapping is not something I've heard happening to bmws.
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