There are indications from Berlin that the canadian car parts maker Magna International might be buying out GM operations of Europe. The Late-night talks are still continuing in Berlin as US and German officials seek a takeover of Opel and Vauxhall, parts of General Motors’ European division.

Reuters quotes that the talks between Magna and GM are proceeding well. Earlier, Magna briefed UK Business Secretary Lord Mandelson, who said a deal was “pretty close”.

The US parent firm is expected to file for protective bankruptcy on Monday. General Motors, one of the world’s largest carmakers, has been stricken by a collapse in demand for new cars amid the global recession.