Report: Magna would make big Chrysler commitment

Reuters / April 12, 2007 - 9:00 am

TORONTO (Reuters) -- Magna International Inc. would make a "big commitment" in a possible joint bid for the Chrysler group, a Canadian newspaper said today.

The Globe and Mail said Magna Chairman Frank Stronach had confirmed that Magna was in talks with buyout conglomerate Onex Corp. about working on a Chrysler bid.

"It's a big sum we would allocate," Stronach told the newspaper. "We would make a big commitment."

The newspaper said on Wednesday, April 10, that a joint Magna/Onex bid would match Magna's expertise in auto manufacturing operations with Onex's skill in financial operations, key to running Chrysler's finance arm.

Onex has not commented.