Saturday, Dec 10, 2016
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Automotive

Queries about Chrysler likely at Magna meeting

DETROIT Executives of Magna International Inc. are likely to face questions at today s annual shareholder meeting about Chairman Frank Stronach s pursuit of a stake in DaimlerChrysler AG s Chrysler Group, according to some analysts who follow the company.

But if Mr. Stronach decides to buy into the struggling automaker, no shareholder will be able to stop him. Mr. Stronach controls a vast majority of the company s Class B shares that carry 500 votes each.

Magna has confirmed its interest in buying Chrysler, and many U.S. analysts have named the Canadian company the front-runner in the bidding, along with partner Onex Corp., a Canadian investment conglomerate.

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