Canadian car parts-maker Magna International Corp. has sent a revised offer with a contract to GM today hoping for a deal to finally go through for GM’s Opel division.

Magna spokesperson Daniel Witzani said today that all term issues were resolved between Magna and its Russian-based partner Sberbank, and said that the next step is for GM to make a decision.

Magna is offering GM about EUR $500 million for a 55-percent stake in Opel, with 35% retained to GM and with the remaining 10-percent to remain with Opel employees.

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Update: Reports indicate Beijing Automotive Industry Corp. has made a non-binding bid of $992 million CND for Opel. Magna remains the favorite company to acquire Opel.

A deal to sell Opel is inching closer after GM European President Carl-Peter Forester said in an interview that high-level talks between GM and Canadian auto-part supplier Magna Corp. have reached “broad consent”.

He went on to say that he expects a deal to be reached by July 2009.

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Struggling German carmaker Opel is widely rumored to be preparing to close plants in Germany as a move to cut costs during this tuff economic time. Der Spiegel, a German magazine, previously reported Opel was considering closing two plants in Germany and another in Belgium, in total affecting 11,000 jobs. The magazine also notes another possible alternative being evaluated which includes cutting 3,500 jobs and lowering wages for workers across the company.