Canadian automotive supplier Magna eyes Chrysler purchase
Quote selected text Published April 14th, 2007 in NASCAR News
Magna International Inc. confirmed today that it “continues to review potential alternatives regarding the future of the Chrysler Group.”
The Canadian automotive supplier has been believed to be considering a bid for Auburn Hills-based Chrysler Group. Chrysler parent DaimlerChrysler AG said in February that “all options” were on the table for the struggling U.S. automaker.
Kirk Kerkorian’s Tracinda investment company has submitted a proposed $4.5 billion bid for Chrysler. Other potential bidders include Cerberus Capital Management and a partnership of private investors Blackstone Group and Centerbridge Partners.
Magna’s press release today said “There is no assurance that any transaction will result from Magna’s current involvement.”
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