BERLIN, Germany (CNN) -- A Canadian auto parts supplier has come to the rescue of German carmaker Opel, negotiating a deal with the German government that will save the company from insolvency. German Finance Minister Peer Steinbrueck talks to reporters early Saturday morning following talks on Opel. Officials from all sides announced the agreement after talks lasting into the early hours of Saturday. German Foreign Minister Frank-Walter Steinmeier called it a "responsible solution" that would preserve the highest number of jobs. Under the terms of the deal, supplier Magna will have a 20 percent stake in GM Europe, an arm of General Motors, which owns the Opel brand.
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Germany picks Magna to buy majority stake in Opel, news reports say
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German government agrees to fund bridging loan to keep Opel in business
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Magna also seeking to bring Russian partners into Opel deal
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Opel's parent company General Motors set to declare bankruptcy as soon as Monday
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"We're keen to have talks with all the states where @placeholder has factories in the next few weeks and are confident to be able to find solutions to preserve jobs, because every job that is lost is one too many.
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It is a solution which preserves @placeholder's location in Germany and also preserves the highest possible number of jobs."
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In addition, a trust will be created where @placeholder's stock will be parked prior to the division of shares.
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"I think the whole arrangement with Magna and the Russian partners made this a very attractive deal for @placeholder," Kasperek said.