Potential Chrysler Buyer Magna To Visit Company

NEW YORK, March 8, 2007; Reuters reported that Magna International, Canada's biggest auto parts maker, is the next potential buyer to visit the Chrysler Group headquarters in Auburn Hills, Mich., the Wall Street Journal reported on its Web site on Thursday.

Magna executives will go to Chrysler "very soon" to hear presentations similar to the ones given to private-equity firms Blackstone Group and Cerberus Capital Management LP, which visited Chrysler's office this week, the paper said, citing people familiar with the matter.

Magna, Canada's biggest auto parts maker, was not immediately available for comment.

Chrysler was not immediately available for comment.

Magna has been the subject of rumors that it is considering a bid for Chrysler Group since DaimlerChrysler AG said earlier this year it was considering all options for the North American unit.

In February, Magna declined comment on whether it was considering a bid for Chrysler. It said at the time that the company was unwilling to take on debt to fund any takeover.

"At this point in time there is no intention of levering up the balance sheet," said Vince Galifi, Magna's chief financial officer. "If we make an acquisition, we'd want to have the cash on hand to be able to finance a transaction."