German Economics Minister in talks with Opel prospect Magna

German Economics Minister in talks with Opel prospect Magna Berlin - German Economics Minister Karl-Theodor zu Guttenberg met Tuesday morning with Canadian-Austrian car parts supplier Magna to discuss a possible Opel bailout. The Austrian-Canadian car parts supplier Magna has expressed interest in a majority stake of the stricken General Motors (GM) subsidiary, alongside Italian car manufacturer Fiat.

Magna is reportedly interested in a 20-per-cent stake of Opel, according to Canadian daily Globe and Mail. Magna may partner with Russian oligarch Oleg Deripaska to obtain a further 30-per-cent share, the newspaper also reported.

Deripaska, considered Russia's richest businessman before the financial crisis, had owned a stake in Magna which he sold in 2008.

"Magna is potentially an interesting partner," Guttenberg had said at the weekend, adding that any takeover bid would be closely studied.

GM had recently spoken of six potential buyers for Opel, and hoped to reach a decision in the coming weeks.

If Magna's bid is successful, Opel cars could be assembled at its Austrian factory, where other brands, including Chrysler, BMW and Mercedes, also roll off the assembly line. (dpa)