FRANKFURT, Germany - Canadian auto parts supplier Magna has delayed to July 14 a board meeting where it was to approve its takeover of carmaker Opel from bankrupt U.S. parent General Motors, a source with knowledge of the matter said on Monday.

Magna's board, which includes founder and Chairman Frank Stronach, had planned to approve Co-Chief Executive Siegfried Wolf's business plan for a takeover of a 55 percent stake in Opel together with Kremlin-backed lender Sberbank.

General Motors would keep 35 percent.

"The date of July 7 was an option and not entirely fixed," the person said.

Reuters had reported last week that two sources with knowledge of the talks had said the board meeting was planned for July 7.

Magna had no comment.

GM Europe President Carl-Peter Forster told a Sunday newspaper that Magna had a "considerable" advantage over rival suitors for Opel since the two sides only had to clarify details, adding he was "extremely confident" that far-reaching agreement had been reached.

The delay gives rival bidder Beijing Automotive (BAIC) more time to convince GM and the German state and federal governments that its non-binding offer is at least as competitive as frontrunner Magna's.

A source familiar with BAIC's bid said the Chinese automaker was offering to inject 660 million euros (S$1,341 million) in equity for a 51 percent stake in Opel, after conducting due diligence. GM would hold the remaining 49 percent stake under the bid.

While BAIC would only ask for 2.64 billion euros in government loan guarantees, compared with 3 billion for Magna, it has backed away from its initial guarantee not to cut any German jobs for the first two years after a takeover, the source said.