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Magna's mortgage has been pre-approved, time to close the deal
Frank Stronach, founder and chairman of Magna International, has acknowledged that his company is definitely making a bid to take control of Chrysler and that they have the money lined up. Magna is partnering with Onex Corporation to make the bid based on $2 billion in cash reserves from Magna with the rest coming from Onex. Stronach doesn't intend to borrow any money up front for the purchase and is thought to have made a bid of about $4.5 billion. Magna and Onex are also considering taking on more partners, presumably so that they can sweeten the bid without borrowing. Stronach also said that more employment bloodletting is "unavoidable" if the deal goes through. [Source: Toronto Star]
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Reader Comments (Page 1 of 1)
Avinash machado 1:46PM (5/10/2007)
Here is some more information on this.
http://autos.canada.com/news/story.html?id=afd9c2e3-de04-4a07-98f1-d99ddc3cdfb4
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big L 3:14PM (5/10/2007)
I thought that Kerkorian bid that much too.
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Steve B. 7:09PM (5/10/2007)
Wow... Chrysler's goin' Canadian, eh?
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imjon 6:33PM (5/10/2007)
in your dreams. That Magna deal aint never gonna happen. Its gonna take another 20 large to get that monkey squealin!
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Barney 12:29AM (5/11/2007)
A Russian Aluminum Magnate has also contributed, by buying into Magna International with a $1.4 Billion stake. The Russian company is owned by Russian billionaire Oleg Deripaska. Deripaska also owns Russia's No. 2 automaker Gaz (GAZA.RTS:
So, no, not entirely Canadian.
Reply
Barney 12:30AM (5/11/2007)
A Russian Aluminum Magnate has also contributed, by buying into Magna International with a $1.4 Billion stake. The Russian company is owned by Russian billionaire Oleg Deripaska. Deripaska also owns Russia's No. 2 automaker Gaz (GAZA.RTS:
So, no, not entirely Canadian.
Reply