Magna International Inc. (MGA) said Monday its supervisory board is scheduled to discuss the company's bid for General Motors Corp.'s (GM) Adam Opel GmbH unit at its meeting July 14.

Earlier Monday, Austrian daily Wirtschaftsblatt reported on its Web site that Magna's board is due to meet on Opel next week, citing supervisory board member Franz Vranitzky.

Wirtschaftsblatt said the deal was close to being finalized, echoing remarks by GM Europe Chief Carl-Peter Forster over the weekend.

In May, GM signed a memorandum of understanding to sell a majority stake in Opel and its U.K. sister brand Vauxhall to Magna, whose bid is backed by Russia's Sberbank Rossia (SBER.RS) and automaker OAO GAZ Group (GAZA.RS). Opel's powerful labor unions have voiced support for the takeover.

The tentative agreement with Magna is backed by EUR1.5 billion in bridge financing provided by the German government to keep Opel afloat after parent GM filed for bankruptcy protection in the U.S.

Magna is seen as the frontrunner, but last week China's Beijing Automotive Industry Holding Co. Ltd. made a concrete offer for Opel in an effort to outpace Magna on the final stretch of its race for the German automaker.

Company Web site: www.magna-europe.com

-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512; christoph.rauwald@dowjones.com