German Economics Minister Karl-Theodor zu Guttenberg still sees chances for an agreement between General Motor Co. and the U.S. and German governments on the future of GM's European Opel and Vauxhall operations.
"There is room for an agreement," zu Guttenberg said Saturday according to a spokesman contacted by Dow Jones Newswires.
Zu Guttenberg said he regrets the fact that contrary to his expectations, GM did not make a decision Friday on the sale of Adam Opel GmbH to either Magna International Inc. (MGA) or RHJ International SA (RHJI.BT).
The German economics minister said the German government believes it has provided GM with all the necessary information needed to have made a decision on Opel.
Both Magna and RHJ International have updated their bids and presented contracts that are ready to be signed, zu Guttenberg said according to his spokesman.
Without contradicting GM openly, the German economics minister thus rejected criticism the German government has sided too heavily with Magna and hasn't treated both bids equally.
In the past, however, the German government, including German Chancellor Angela Merkel, has repeatedly signaled a preference for Magna's bid, which also has the backing of the most influential labor representatives at Opel.
Germany appears to believe that Magna, which has teamed up with Russian savings bank OAO Sberbank (SBER.RS), has the better industrial concept to provide the new Opel with a viable future.
GM, by contrast, appears to be concerned that a sale to the Austrian-Canadian car parts maker could create a viable opponent to GM's own global ambitions, at least in areas like Russia. GM appears to favor the bid by RHJ International as it sees the Belgian investment company as a financial, rather than an industrial, investor.
Zu Guttenberg said Saturday it now proves to be advantageous that Opel and the other European assets of GM have been transferred to a trusteeship, which is equally governed by representatives from the U.S. Government, GM and the German federal and states' governments.
The trusteeship, which is financially supported by a EUR1.5 billion bridge finance provided by the German government, provides a stable framework which allows all sides to continue talks over the future of Opel, zu Guttenberg said.
-By Beate Preuschoff and Klaus Brune, Dow Jones Newswires; +49 69 29 725 500; klaus.brune@dowjones.com