Canadian Company Magna International Now Part or Chrysler Purchase Rumors

Date 2007/2/27 8:12:33 | Topic: Miscellaneous

First it was General Motors, then it was various equity firms, now it is one of Chrysler Group's partners. Magna International, the large Canadian auto parts maker (as well as European assembly plant operator for DaimlerChrysler) has apparently entered the fray to obtain Chrysler Group from DaimlerChrysler. Do I smell a bidding war?
Magna executives have visited all of Chryslerís properties and have obtained access to Chryslerís financial information, Brett Hoselton of KeyBanc Capital Markets in Cleveland, wrote in a note to investors yesterday.

He said Magna is exploring a combined bid with a private-equity group to reduce the amount debt that would be required in a Chrysler purchase. But he said he does not believe the two companies will merge.

Magna, of Aurora, Ont., Canadaís largest auto-parts maker, builds Mercedes, Jeep, and Chrysler models for DaimlerChrysler at a plant in Graz, Austria.

Magna declined to comment. ďAnything to do with the Chrysler rumors we are not commenting on,Ē said Tracy Fuerst, a Magna spokesman.

Check out the entire article from The Toledo Blade.


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