Parties involved in talks to secure financing for General Motors Corp.'s (GM) unit Adam Opel GmbH have agreed GM should sell 65% of the German carmaker, Opel supervisory board member Armin Schild told Dow Jones Newswires in an interview Thursday.

He said a number of covenants were set late Wednesday to pave the way toward a bridge-financing solution, Schild, who represents workers organized in IG Metall labor union on the board, said. "One of them was to agree on a 65%-35% logic."

High-level talks which started late Wednesday in Berlin and went into the wee hours failed to bring about a decision on how to shield Opel from the impact of a looming GM insolvency. New talks have been scheduled for Friday to pave the way for a trusteeship solution backed by guarantees from Germany's government.

Schild said it remained unclear how the 65% would be split, but that workers and car dealers are no longer seeking a controlling stake in the company.

Workers had offered to take a stake in Opel in exchange for foregone wage payments. They wanted to team up with GM's European car dealers association to get over the threshold for a 25.1% blocking minority.

In the light of recent developments "we'd now be closer to 10%," Schild said, adding that an answer to the question was likely to be found in a new round of talks scheduled for Friday, but would yet remain sketchy.

The remaining bidders for the German car maker, Austrian-Canadian Magna International Inc. (MGA) and Italian automaker Fiat SpA (F.MI), both also improved offers and pledged to secure more German jobs, Schild said.

"We would have had more bidders for Opel, if only the Economics Minister" (Karl-Theordor zu Guttenberg) had provided for a greater degree of confidentiality and less publicity, Schild said.

In the overnight talks, GM revealed that it wants $350 million in cash from its subsidiary, both the German government and workers said.

Ministers in Germany's government complained about GM brinkmanship, which complicated talks.

"The way I see it is that these demands stem from the joint cash pool GM and its subsidiaries are sharing," Schild said, "GM is on the verge of insolvency and can only get very expensive loans, if that."

Opel's works council struck a sour note in response to GM's demand in a press release issued Thursday.

The works council said the German government must withstand GM's attempts to hold it ransom.

Klaus Franz, who is the head of Opel's works council and sits on the supervisory board too, called the last-minute revelation "disastrous" and a "bitter setback."

Schild said we "now have to find a solution. We're on the home stretch, but the track is longer than originally expected."

-By Roman Kessler, Dow Jones Newswires, +4969 2972 5514, roman.kessler@dowjones.com