DETROIT (

TheStreet

) --

General Motors

may move to retain control of

Opel

.

Sources say the automaker's management team will try to develop a $4.3 billion financing plan in an effort to keep control of its European Opel unit,

The Wall Street Journal

reported Monday. CEO Fritz Henderson is supposed to have the plan done by early September, the newspaper said.

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Earlier,

The Associated Press

reported that GM's board is concerned that Opel's technology could be used in Russia to compete against Chevrolet, according to sources.

The board has been reluctant to pick between bids for Opel from Canadian auto parts maker

Magna International

, a partner with a state-owned Russian company, and from preferred bidder, Brussels-based investor RHJ International.

The concern is that Magna's Russian partner could make car underpinning technology available to a Russian automaker. "It's extremely valuable vehicle technology," Tim Urquhart, senior automotive analyst for IHS Global Insight in London, told the AP. "They don't want to let that go to a company that might want to exploit that in any way it sees fit."

While GM's old board had been discussing the deal, the new board -- which has seven new members -- is less eager, partially because it has financial backing from the U.S. Treasury and partially because of improving global auto sales.

-- Written by Ted Reed in Charlotte, N.C.

.