Canadian auto parts supplier Magna International Inc. together with an unnamed buyout firm reportedly has made a bid worth up to $4.7 billion for the Chrysler Group, according to KeyBanc Capital Markets analyst Brett Hoselton, who issued a report this morning. If true, then it seems Magna and its partner are low-balling DaimlerChrysler AG, which reportedly is asking $5 billion for the U.S. auto maker. However, Hoselton suggests Magna and partner have placed the bid in hopes they will be able to secure Chrysler should other bidders retreat from the auction. If the bid succeeds, Magna would only take a 20% to 25% stake in the company based on the current offer. However, industry observers expect that Magna's bid will not be the last before DCX convenes its April 4 annual shareholder meeting. —Matthew Wurtzel
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