Magna International and Savings Bank of the Russian Federation (better known as Sberbank) on Tuesday said they had jointly submitted a revised offer to acquire a 55% interest in Opel, describing the move “as part of a proposed solution that is intended to assure the long-term viability of Opel”.

The acquired 55% interest in Opel would be owned by a 50/50 Magna/Sberbank consortium with General Motors Company (aka the new GM) retaining a 35% interest and Opel employees acquiring 10% as part of a new labour framework.

“The offer contemplates a total equity investment by the consortium of EUR500m over time,” the pair said in a statement that gave no other detail.

The offer was subject to “definitive agreements and other conditions, including government-backed financing” and “there is no assurance at this time that any transaction will result from the current involvement of Magna and Sberbank”.

“If the consortium is successful in completing the acquisition, Magna will put in place appropriate ‘firewalls’ to ensure that its current business will operate independently from Opel,” the statement added.

Earlier media reports said the Canadian-Russian partnership would seek EUR4.9bn in state loan guarantees.