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globeandmail.com: Magna confirms joint bid talks for Chrysler

It will take a “big sum” to buy auto maker Chrysler, and Magna International Inc. is negotiating with Onex Corp. to help finance a purchase, Magna founder and chairman Frank Stronach confirmed yesterday.

“It’s a big sum we would allocate,” Mr. Stronach said, although he refused to reveal the size of Magna’s bid. “We would make a big commitment.”

Magna is one of the world’s largest auto parts manufacturers and its business is about 15-20% weighted in Chrysler products. It might be a strategic fit for the Markham, Ontario based company. The Chairman Frank Stronach whose daughter used to be the former federal Minister of Human Resources is well respected worldwide in the industry. It will be a real coup for Canada to have its own national car maker owned by a Canadian parent company.