Canadian auto supplier Magna International and a private equity group have reportedly teamed up to make the first bid to buy Chrysler Group from DaimlerChrysler. According to a March 23 report from KeyBanc Capital Markets analyst Brett Hoselton, Magna and its private equity partner have made an lowball offer in the neighborhood of $4.6 billion to $4.7 billion.
Meanwhile, unions on both sides of the Atlantic are vowing to oppose any sale of Chrysler — especially to private investors, who can be expected to choose ROI over sentiment any day of the week. Separately, Reuters is reporting that DaimlerChrysler expects to get an initial read on bids by the end of March, just in time for DCX's annual meeting in Berlin on 4 April. They'll have plenty to discuss.
Analyst: Magna and partner make a bid for Chrysler [Automotive News (subscription required)]
