Germany and U.S. get last chance to save Opel

* Germany, U.S. try to save Opel after first talks fail

* Opel risks insolvency if no agreement on Friday

* Magna has edge over Fiat as talks enter final stage

By Noah Barkin

BERLIN, May 29 (Reuters) - Germany and the United States get what may be their last chance to save Opel on Friday when they try to put a heated row behind them and forge a plan to shield the carmaker from a bankruptcy of its parent General Motors.

A first round of talks that began in Berlin on Wednesday evening and ended 12 hours was described as a "disaster" by German participants.

The United States government balked at Germany's plan to place Opel assets in a trust while a deal with a suitor was finalised and GM GM.N shocked negotiators with a surprise request for $500 million to fill a gaping funding hole.

That infuriated Berlin, which refused to release 1.5 billion euros in temporary financing it has pledged to Opel, a company based in Ruesselsheim near Frankfurt that employs 25,000 staff in Germany and has been under GM's wing for 80 years.