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Magna, Onex to buy 40 percent each of Chrysler

Magna, Onex to buy 40 percent each of Chrysler
German magazine reports that DaimlerChrysler would keep 20 percent stake in deal.

May 12 2007: 1:05 PM EDT

Magna, Onex to buy 40 percent each of Chrysler: report -- Autoparts supplier Magna International and buyout firm Onex Corp., both of Canada, are planning to buy 40 percent each of carmaker DaimlerChrysler's Chrysler Group, a German magazine reported.

Germany-based DaimlerChrysler (Charts) would keep a 20-percent stake, the WirtschaftsWoche business weekly reported, citing unnamed sources close to Magna's top management.

DaimlerChrysler was created in 1998 through the merger of Germany's Daimler-Benz AG and U.S.-based Chrysler Corp. Its divisions include the Mercedes Car Group, Chrysler Group and the Truck Group.

DaimlerChrysler has been meeting with potential buyers for the loss-making Chrysler unit, including Magna as well as private equity firms Cerberus Capital Management and Blackstone Group, sources have told Reuters.

Billionaire Kirk Kerkorian's investment arm, Tracinda Corp., has bid $4.5 billion for Chrysler

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