General Motors Co.'s board of directors will review the latest developments in the protracted talks for the sale of its Adam Opel GmbH subsidiary on Nov. 3, the company said Friday.

GM also announced it had boosted its holding in GM Daewoo Automotive & Technology to 70.1 percent after being the sole subscriber to a share offer for the South Korean carmaker.

Both units, GM Daewoo and Rüsselsheim, Germany-based Opel, face cash shortages because of the severe industry downturn that drove GM into bankruptcy this year.

GM officials had said they expected to close a deal this month to sell a controlling stake in Opel to Canada's Magna International Inc. and Sberbank of Russia.

But GM's chief negotiator in the Opel sale talks, Group Vice President John Smith, said Friday that the deal would not be finalized before a regularly scheduled board meeting on Nov. 3.

Smith said the board would review the latest developments, including concerns raised by a European Union commissioner that GM may have come under pressure from the German government's apparent decision to offer financial aid only if Opel were sold to Magna-Sberbank.

The EU asked the German government to send a letter clarifying its position on the availability of financing. Germany has provided Opel with $2 billion in emergency funds and is offering more than $6 billion in loan guarantees. Without aid, Opel is likely to run short of cash early in the next year.

"Given the significance of the Opel transaction, GM's board will soon meet in its regularly monthly meeting to consider (Economy Minister Karl-Theodor) zu Guttenberg's letter and changes to the Magna-Sberbank proposal that have occurred since its last review on Sept. 9," Smith said in a blog posting.

In the meantime, he said, GM would try to resolve the last outstanding issues, such as labor-cost reductions, and "complete all preparations for the signing of binding agreements should that be authorized by GM's board at the Nov. 3 meeting."

GM's new board previously questioned the Opel deal, which was tentatively struck in late May. Besides Magna, other bidders and interested parties included Fiat SpA, Belgium-based industrial holding company RHJ International and Beijing Automotive Industry Corp.

Under the terms of the deal agreed with Magna and Sberbank, they would each get 27.5 percent. GM would keep 35 percent of Opel, a longtime subsidiary which has developed the architecture for all GM compact and mid-size cars, and Opel employees would get 10 percent.

In recent months, GM also has been trying to secure financing for its GM Daewoo unit. GM Daewoo also was hurt by the downturn that slashed is export business, as well as currency hedging losses.

As the sole subscriber to a rights issue this week, GM injected $412 million into the Korean unit, increasing its holding to 70.1 percent from 50.9 percent.

"GM's decision to increase its equity in GM Daewoo signifies the importance of our Korean business unit to GM's global operations," said Nick Reilly, executive vice president and head of GM's international operations.

GM Daewoo develops the architecture for GM's small cars, particularly Chevrolet-branded cars sold in Europe and other regions. Last year, GM Daewoo's sales, including exports, totaled 1.9 million vehicles and kits.

After the share offer, GM Daewoo's minority shareholders will have reduced stakes. The Korea Development Bank will have 17 percent, Suzuki Motor Corp. 6.8 percent, and Shanghai Automotive Industry Corp. Group, GM's Chinese venture partner, will have 6 percent.