General Motors

( GMGMQ) and Canada's

Magna International

(MGA) - Get Magna International Inc. Report

have set July 15 as a target date for agreeing on the sale of a majority stake in Opel to Magna and its Russian partner

Sberbank

,

Reuters

reports, citing sources.

"There was an agreement that Magna and GM on July 15 should be far enough in their negotiations that they can reach a conclusion that serves as the basis for a contract," said a person familiar with the matter, according to

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Reuters

.

Magna, a Canadian auto parts maker, and GM's Europe division wouldn't comment for

Reuters

.

Rival bidders for GM's Opel subsidiary, such as Italy's

Fiat

and Beijing Automotive Industry Corp., are still hoping for a collapse in the talks so they can re-enter talks with GM,

Reuters

reports.