SOCHI, August 14 (RIA Novosti) - Russia is ready to provide political support for Canadian automaker Magna's bid, backed by Russia's Sberbank, to purchase a stake in Opel, a source close to the talks said on Friday.

Opel is the European unit of General Motors.

"As a result of intensive talks conducted by Sberbank executives, I believe that these chances have improved," he said, adding that the talks had taken into account German Chancellor Angela Merkel's visit to Russia.

He said high-level Russian-German meetings "have intensified the negotiating process."

Merkel is meeting today with Russian President Dmitry Medvedev in south Russia's Sochi.

Magna's main rival is Belgium-based investor RHJ International, but Merkel stated on Tuesday that she would be prepared to intervene personally in favor of the Canadian company.

"I have a clear preference for Magna and want to make that clear again," Merkel told RTL television. "If it is necessary, I will join in of course."

A Kremlin source earlier said that the two leaders were likely to "consider terms on which a deal advantageous for both Russia and Germany's economic and social spheres can be concluded."