MUNICH/FRANKFURT (Reuters) -- RHJ International plans to offer about 300 million euros ($419.6 million) for a stake of just over 50 percent in General Motors' German carmaker Opel, two sources familiar with the matter said on Tuesday.
"It tends toward 300 (million euros) but is not quite that much," one person told Reuters. The other source said the equity would amount to "around 300 million."
The rest of the deal would be financed through 3.8 billion euros in loans guaranteed from the state.
The equity group will present its concept in Berlin to government officials on Wednesday, sources said.
This puts RHJ's bid below the 660 million euros that rival Beijing Automotive Industry Corp. (BAIC) plans to invest for a 51 percent stake in Opel along with the Chinese carmaker's request for 2.64 billion euros in guarantees.
Front-runner Magna International and its Russian backer, Sberbank, originally offered to invest at least 500 million euros for a combined 55 percent stake. It is expected to ask the state to provide 4.5 billion euros in guarantees.
RHJ bid lacks support
Union officials and German politicians say they oppose RHJ taking a majority stake in Opel and sister brand Vauxhall.
German press reports say increasing numbers of GM top executives, led by product chief Thomas Stevens, favor approving RHJ's bid with a clause that would allow the U.S. carmaker to buy back Opel in five years.
Klaus Franz, who leads GM's 55,000 workers in Europe, said: "If GM decides for RHJ, it will be business as usual. That will kill the company."
Writing on the Web site of GM's European employees, Franz said Opel's unions still support a bid by Magna International and its Russian partner, state-controlled lender Sberbank.