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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