Magna is bidding on the up-for-grabs Chrysler Group, confirms Chairman Frank Stronach. He states that he has lined-up all the necessary financing and even has a cash reserve of $2 billion.
Mr Chairman has lined-up banks as backing for the transaction. He has asked DaimlerChrysler to hold on to a stake in the company should Magna's bid be the winner.
Magna, the World's largest auto supplier, is based in Aurora Ontario and had sales of $24.2 billion in 2006.
Mr Chairman has lined-up banks as backing for the transaction. He has asked DaimlerChrysler to hold on to a stake in the company should Magna's bid be the winner.
Magna, the World's largest auto supplier, is based in Aurora Ontario and had sales of $24.2 billion in 2006.