Opel Chief Executive Nick Reilly and labor leader Klaus Franz have called a joint press conference for 1200 GMT (8 a.m. ET) to inform on significant progress in the restructuring of Opel, the carmaker said on Friday.

The two sides have been negotiating over management's demand for 265 million euros ($329 million) in annual wage concessions, a key obstacle toward receiving possible loan guarantees from Germany worth over 1 billion euros.

Labor and management wanted to present an agreement before Tuesday, the next working day in Germany, when the steering committee of the German state rescue fund is due to discuss Opel's request for aid.

(Reporting by Christiaan Hetzner)