 Canadian Company Magna International Now Part or Chrysler Purchase Rumors |
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 Chrysler’s properties and have obtained access to Chrysler’s 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., Canada’s largest auto-parts maker, builds Mercedes, Jeep, and Chrysler models for DaimlerChrysler at a plant in Graz, Austria.
Magna declined to comment. “Anything to do with the Chrysler rumors we are not commenting on,” said Tracy Fuerst, a Magna spokesman.
Check out the entire article from The Toledo Blade.
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| trevorj | Posted: 2007/2/27 16:20 Updated: 2007/2/27 16:20 |
Just can't stay away   Joined: 2006/6/30 From: Kelowna, BC Posts: 78 |
 Re: Canadian Company Magna International Now Part or Chry...I've said it before, I'll say it again.
I love the idea of Jeep being Canadian owned. At least we know it will be in the hands of a Company and culture that genuinely understands and respects Jeep as an American Legend and I really don't believe it will be toyed and *&^%ed with as it has in recent years. I hope this goes through. *Keep Jeep North American! |
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| DMoore | Posted: 2007/2/27 15:38 Updated: 2007/2/27 15:38 |
Just popping in  Joined: 2006/10/10 From: NC Posts: 10 |
Re: Canadian Company Magna International Now Part or Chry... If I am not mistaken, this is the same company that builds the G500 and G55 (Excluding AMG upgrades for the G55) for Mercedes Benz. Anyone familiar with these vehicles should know they they are no joke. They have been carrying items such as solid axles and 3 locking diffs long before the Rubicon came out. They are renowned for one of the most offroad capable vehicles in the world. Again, I may be wrong about this being the same company, however, if it is....this could be a very good thing for Jeep. There is possibly a blessing in disguise here.
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| RUBICON | Posted: 2007/2/27 7:35 Updated: 2007/2/27 7:35 |
Home away from home  Joined: 2005/7/13 From: Chandler, AZ Posts: 357 |
Re: Canadian Company Magna International Now Part or Chry... Magna is also one of the partners building the new Wrangler in Toledo (would have thought the folks at the Toledo Blade would have mentioned that).
If the Jeep brand is going to get sold off to someone, Magna is one of the few companies I could trust to take control. They already have the facilities to produce the WK and XK and obviously have a vested interest in the JK due to the fact that they are one of the partners. They also have a strong relationship with DCX so that they probably can continue robbing the Mercedes parts bin without too much trouble. |
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