Opel CFO plans 300 mln eur cash cushion -source

FRANKFURT, June 29 (Reuters) - Opel's finance chief plans to use just 1.2 billion euros ($1.68 billion) ofa 1.5 billion euro bridge loan from the German government, setting aside the remainder as an emergency reserve, a company source said on Monday.

CFO Marco Molinari presented this internal financing plan to Opel's supervisory board on Friday, the person said.

Handelsblatt newspaper also reported that Opel planned to set aside 300 million euros of the bridge loan, despite ongoing losses, in case markets should worsen in the coming months.

The German government made the loan to tide Opel over while it lines up a new investor, after parent General Motors GMGMQ.PK filed for Chapter 11 bankruptcy protection.

Separately, Hesse state premier Roland Koch dismissed comments from German Economics Minister Karl-Theodor zu Guttenberg that other bidders still have a chance to overtake Magna MGa.TO

"Magna emerged as the winner from the bidding process that ended on May 30. Others can only have a shot in the unlikely event that the constructive talks with Magna were to fail," he said in an interview with the Financial Times Deutschland. ($1=.7143 Euro) (Reporting by Christiaan Hetzner; Editing by Jon Loades-Carter)