Report: Magna boss sees 'drastic' steps at Chrysler

Magna Chairman Frank Stronach expects a decision regarding the potential purchase to be made during the next few weeks.

Reuters |
May 10, 2007 - 5:00 am
UPDATED: 5/10/07 8:47 A.M.

MONTREAL (Reuters) -- Frank Stronach expects drastic measures at the Chrysler group if Magna International Inc. succeeds in buying the automaker, a newspaper reported today.

"Sometimes when you're sick, you've got to take some drastic measures and that's unfortunate," said Stronach, chairman and founder of the Canadian auto parts maker, about Chrysler, according to the Globe and Mail.

"What do we have to do to create a healthy patient?" he added.

Stronach said Magna wants to acquire Chrysler, with backing from financial partner Onex Corp. Magna also would like DaimlerChrysler to retain a stake in Chrysler, he said.

Today, Magna said a company controlled by Russian billionaire Oleg Deripaska would invest some $1.54 billion in Magna to help the Canadian company's growth prospects in Russian and other markets.