RE: Magna confirms it may buy Chrysler
Magna International Front-Runner in Chrysler Bidding
Posted by Damien Weaver on Apr 30 2007 06:10:24 PDT
Canadian auto parts dealer Magna International Inc. [ticker: MGA] has taken the lead in the bidding for a major portion of Chrysler Group, industry analysts said.
"We now believe there is increased likelihood that MGA could take a direct minority ownership stake in Chrysler," said KeyBanc Capital Markets analyst Brett Hoselton in a Friday investors’ note.
Magna also seems to be dominating among Chrysler’s powerful unions, which hold just less than half the votes on parent company DaimlerChrysler AG’s [ticker: DCX] supervisory board, analysts said. A supervisory board is the German equivalent to a board of directors in the United States.
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