Magna only interested bidder for Chrysler
Magna only interested bidder for Chrysler
http://news.yahoo.com/s/nm/20070505/..._chrysler_dc_1
FRANKFURT (Reuters) - Canadian automotive parts supplier Magna International (Toronto:http://finance.yahoo.com/q?s=mga.to&d=t]MGA.TO[/URL] - http://biz.yahoo.com/n/ca/m/mga.html]news[/URL]) is the only remaining interested bidder for struggling U.S. carmaker Chrysler (DCXGn.DE), Germany's Automobilwoche reported on Saturday.
Magna is at present the "only party seriously interested in Chrysler," the industry newspaper wrote, citing a source familiar with the negotiations.
Investment bankers are intentionally leaking talks with private equity firms Cerberus (CBS.UL) and Blackstone (BG.UL) but these are being held "only for tactical reasons."
A decision is expected to be made this month, with a sale to Magna slated to conclude in two months.
"All options are open," said a spokesman for parent DaimlerChrysler, declining to further comment on the article.
The paper reported that Daimler will initially continue to hold a stake in the loss-making unit.
Automobilwoche quoted a Magna manager as saying the company's chairman and founder, Frank Stronach, wanted to send a signal to the auto industry with the purchase that "he takes care of his clients in need."
The paper wrote that insiders say Magna will probably sell Chrysler again once the restructuring is successfully concluded.
FRANKFURT (Reuters) - Canadian automotive parts supplier Magna International (Toronto:http://finance.yahoo.com/q?s=mga.to&d=t]MGA.TO[/URL] - http://biz.yahoo.com/n/ca/m/mga.html]news[/URL]) is the only remaining interested bidder for struggling U.S. carmaker Chrysler (DCXGn.DE), Germany's Automobilwoche reported on Saturday.
Magna is at present the "only party seriously interested in Chrysler," the industry newspaper wrote, citing a source familiar with the negotiations.
Investment bankers are intentionally leaking talks with private equity firms Cerberus (CBS.UL) and Blackstone (BG.UL) but these are being held "only for tactical reasons."
A decision is expected to be made this month, with a sale to Magna slated to conclude in two months.
"All options are open," said a spokesman for parent DaimlerChrysler, declining to further comment on the article.
The paper reported that Daimler will initially continue to hold a stake in the loss-making unit.
Automobilwoche quoted a Magna manager as saying the company's chairman and founder, Frank Stronach, wanted to send a signal to the auto industry with the purchase that "he takes care of his clients in need."
The paper wrote that insiders say Magna will probably sell Chrysler again once the restructuring is successfully concluded.
Record Breaker
Joined: Feb 2004
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From: Warren MI. Home to Rams and Dakotas
RE: Magna only interested bidder for Chrysler
I can't say I'm surprised. The main reason magna will take a chance on us is because they need us. I heard weare 30 percent of their revenues. The others most likelysee us as a losing deal.
Grand Champion
Joined: Nov 2005
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From: Charleston, SC
RE: Magna only interested bidder for Chrysler
Should be interesting...I'm curious though, what happens to all the joint-technology (platforms, suspension, engines, transmissions, etc...) between Mercedes and Chrysler once its sold? Does Chrysler group continue to use the technology in its future vehicles or do they have to design new stuff once they are sold off?
Record Breaker
Joined: Feb 2004
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From: Warren MI. Home to Rams and Dakotas
RE: Magna only interested bidder for Chrysler
The way the deal looks now is that dumbler will retain 20 percent of the company. Mainly because of a few joint efforts. Hybird systems, rear axles, and a new V6.
R.I.P. Dusty (Retired Moderator
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From: Alamosa, Colorado (200 yards from the Rio Grande)
RE: Midnight.....
ORIGINAL: ScatPack
A bit off-topic here, but I was wondering if there was any speculation at UF about Pat McMahon's job security. Do you follow UF baseball at all? I know that they are not doing very well at all this year. I would imagine Foley won't put up with that kind of mediocrity, especially when the football and basketball teams are winningNC's. What is the word?
A bit off-topic here, but I was wondering if there was any speculation at UF about Pat McMahon's job security. Do you follow UF baseball at all? I know that they are not doing very well at all this year. I would imagine Foley won't put up with that kind of mediocrity, especially when the football and basketball teams are winningNC's. What is the word?
Dusty