We just received the following press release from the Canadian auto supplier:
Magna Confirms Involvement in Potential Sale of Chrysler Group
AURORA, Canada, April 13 /PRNewswire/ — Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) today confirmed that it continues to review potential alternatives regarding the future of the Chrysler Group. Magna has previously commented that, as DaimlerChrysler is one of its largest customers, Magna is seeking a full understanding of the situation regarding the future of the Chrysler Group, and any constructive role Magna may play in a potential transaction.
There is no assurance that any transaction will result from Magna's current involvement.
Nah, there's no assurance — but it sure is a great press release that makes it sound like it is. And really, even if nothing comes of all of this for the Canadians — at the very least they'll now look like a big-time player, won't they?
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