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Magna hoards cash with eye toward Chrysler

From Automotive News | February 28,2007

Magna International Inc. is hoarding cash as it considers a bid to buy the Chrysler group.

Magna founder and Chairman Frank Stronach met twice last week with the leadership of the Canadian Auto Workers union to discuss Chrysler, CAW President Buzz Hargrove said today.

Hargrove declined to disclose details of the talks. But Hargrove said Stronach is a strong-willed executive who usually achieves the goals he sets.

"He sees where he wants to go, devises a path and he's not often stopped until he gets there," Hargrove said.

Asked about reports of negotiations with Chrysler, Magna co-CEO Don Walker told analysts this morning during the company's fourth-quarter earnings report: "We do not comment on rumors."

He acknowledged the importance of maintaining healthy customers. Asked about partnering between a supplier and its automaker customer, Walker said, "There is a changing relationship in the auto industry all around the world."

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