matthewq4b Posted April 12, 2007 Share Posted April 12, 2007 (edited) Magna International a Canadian Auto Parts supplier who supplies 25% of Chryslers Parts put a low ball bid in late March. But there have been some interesting developments since. Belinda Stronach (Daughter of Magna's Chairman Frank Stronach) a Federal Liberal MP for the Newmarket-Aurora riding, on April 11 2007, announced that she will be accepting the position of Executive Vice-Chairwoman of Magna International Inc immediately. And after the expiry of her current term as MP, will not be seeking relection. What was not awnswered is if she be stepping down befor her term expires. Magna has teamed up with Onex Corporation to buy Chrysler. Just what I caught on the news Belinda stated she was leaving politic's & rejoining Magna to help facilitate with the purchase of Chrysler and the integration of the 2 company's. This could very well be the group that ends up with Chrysler. Did she let the cat outta the bag ? So I guess that will make Chrysler a 100% Canadian owned Company. Who would have guessed. Oh well a hell of alot better than a Chineese out fit ending up with it. Matthew Edited April 12, 2007 by matthewq4b Quote Link to comment Share on other sites More sharing options...
Ben Beeck Posted April 13, 2007 Share Posted April 13, 2007 Well, they're a parts supplier, so I can think of worse owners... Quote Link to comment Share on other sites More sharing options...
ebritt Posted April 14, 2007 Share Posted April 14, 2007 Well, they're a parts supplier, so I can think of worse owners... My brother works for Magna, and I worked there for a while......nice enough people but their insurance sucks. Quote Link to comment Share on other sites More sharing options...
sa_seahawker Posted April 14, 2007 Share Posted April 14, 2007 As long as it doesn't say "The People's Repulic of China" anywhere on the MSRP sticker, I'm cool with it LOL Quote Link to comment Share on other sites More sharing options...
Traveler Posted April 14, 2007 Share Posted April 14, 2007 I think in this day and age, most Americans would probably be content with the notion of Chrysler being Canadian. Heck, I imagine the whole dern continent will be one big unified country before its all said and done. Erase the borders...we have ourselves an American Continental Union. Quote Link to comment Share on other sites More sharing options...
suv_guy_19 Posted April 14, 2007 Share Posted April 14, 2007 I think in this day and age, most Americans would probably be content with the notion of Chrysler being Canadian. Heck, I imagine the whole dern continent will be one big unified country before its all said and done. Erase the borders...we have ourselves an American Continental Union. I hope you mean North American union lol Quote Link to comment Share on other sites More sharing options...
marc-o Posted April 14, 2007 Share Posted April 14, 2007 I'm Canadian and I think Magna buying Chrysler would be their downfall. It also wouldn't increase the likelihood of me buying mopar products. Absolutely nothing they make even remotely interests me. I think Frank Stronach (President of Magna who owns two thirds of the voting shares, in other words controls the company completely) is doing this for only 2 reasons: arrogance, and to have a chance at keeping his current business going (Chrysler is Magna's largest customer, by far). Quote Link to comment Share on other sites More sharing options...
matthewq4b Posted April 14, 2007 Author Share Posted April 14, 2007 I'm Canadian and I think Magna buying Chrysler would be their downfall. It also wouldn't increase the likelihood of me buying mopar products. Absolutely nothing they make even remotely interests me. I think Frank Stronach (President of Magna who owns two thirds of the voting shares, in other words controls the company completely) is doing this for only 2 reasons: arrogance, and to have a chance at keeping his current business going (Chrysler is Magna's largest customer, by far). No sure if that is all of it. Partnering with Onex is about the only way they could do it. Onex is an investment firm that has invested in and bought many loosers. They have a very good managment team that has helped straightend out many company's, none the size of Chrysler though. Either it will break both company's or it will mean a rebirth of Chrysler. No middle ground here. Onex has consistanly shown results on invesments averaging about 28% anual return on invesments. So between Magna and Onex there is the capabilty to get Chrysler back on track and both company's are well managed and proven track records. The big question is can they fix the mess that is Chrysler. I'm sure Frank is trying to protect his buissness as well. If the Chineese get it, you can bet in few years his days of suppling parts to Chrysler will all but end. Either way it is going to be intersting to sit back and watch it unfold. Matthew Quote Link to comment Share on other sites More sharing options...
pcsario Posted April 14, 2007 Share Posted April 14, 2007 Err... Magna, along with Kerkorian, are currently the two LESS LIKELY to get Chrysler. Quote Link to comment Share on other sites More sharing options...
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