Magna Still in Play to Secure Opel...

... at least this is what Magna's co-CEO Siegfried Wolf said in an interview, claiming that all reports saying that Magna might lose Opel are false. Basically, the Canadian - Austrian manufacturer is still in play to take over the German brand, he said while mentioning that they are willing to put the money on the table but not under the pressure of such an ambitious timetable.

"Every day without a decision is one when cash is burned. We are heading toward July 15 as a target corridor to present documents upon which a decision can be made," co-CEO Siegfried Wolf told the Rheinische Post in an interview. "One or two days are not decisive, we are well on our way (to coming to to an agreement)."

Magna is currently seen as favorite to purchase Opel and, together with its Russian partner Sberbank, it would take control of a 55 percent stake in the company. 35 percent would remain at General Motors while the remaining 10 percent would go over to Opel employees and dealerships.

But Magna is encountering difficulties from the outside, as the German officials are often claiming the bid is still open to anyone interested. And Opel is not lacking interest, as both Chinese BAIC and Belgium's RHJ International have already confirmed their intentions to buy the German unit.

Furthermore, BAIC has already sent a takeover proposal which, according to some voices, is even better that Magna's. At this point, the Canadian - Austrian part manufacturer is still in first place when talking about Opel's bidders but, in case negotiations fail to conclude, BAIC is the first one to get into negotiations.