GM Europe president says Magna leading bidder for Opel

The fate of General Motors' Opel brand has yet to be decided, but Carl-Peter Forster - GM's Europe president - feels that Magna is the leading bidder for the German brand. Canadian supplier Magna is currently in a bidding war with Belgian investor RHJ International for the Opel brand.

Magna was the perceived frontrunner in the Opel bidding contest, with Foster supporting that theory earlier on Friday. "Magna is the most likely for me because all conditions have been met, the contracts have been negotiated and the financing is in place," Forster told the Die Welt newspaper.

However, Foster also hasn't ruled out General Motors hanging on to the German brand. GM's board began mulling a plan to keep the Opel brand late last month. "If General Motors can establish worldwide standards while at the same time allowing regional freedom to create cars that work in the given markets, then Opel can thrive under GM," Foster said of the possible scenario.

GM has yet to set a timeframe for a ruling on the Opel situation, but a decision is likely to be handed down by year's end.