![[Valid Atom 1.0]](valid-atom.png "Validate my Atom 1.0 feed")
AUTOMAKERS' NEWS * Canada - Magna Chairman Confirms an Offer for Chrysler
Ottawa,CAN -The NY Times (NY,USA), by IAN AUSTEN -May 10, 2007: -- Frank Stronach, the chairman of the auto parts maker Magna International, confirmed Wednesday that his company and Onex, a Canadian investment company, have made a bid for Chrysler, the struggling American unit of DaimlerChrysler... Speaking to reporters after the meeting of a horse racing and gambling company that he indirectly controls, Mr. Stronach said: “Financially, we have a very viable concept. We have major banks lined up”... He did not say how much the partnership’s bid was worth, but whatever its value, it would not require Magna to take on debt...
* Canada - Russian industrial firm to buy $1.5 billion stake in Magna
Toronto,ONT,CAN -AP/The Detroit News (Detroit,Mich,USA) -May 10, 2007- A Russian industrial conglomerate will invest $1.54 billion in Canadian auto parts supplier Magna International Inc., raising speculation that the company is generating cash for a bid to buy Chrysler Group... Magna, just hours before the start of its annual shareholders meeting, said that Russian Machines, a unit of privately held Russian industrial conglomerate Basic Element, would make the investment by indirectly acquiring 20 million Class A Subordinate Voting Shares of Magna... Magna said it will use the investment to boost its efforts in Russian and other automotive markets... But Rich Morrow, an analyst with Jennings Capital Inc. in Toronto who follows Aurora, Ontario-based Magna, said it's likely the company is raising money for its bid to buy the struggling U.S. arm of DaimlerChrysler AG...
* USA - Ford, Dow and Magna hold annual meetings today
Detroit,Mich,USA -The Detroit News -May 10, 2007: -- Two major Michigan companies and a Canadian auto supplier bidding for a stake in Chrysler Group will separately hold their annual meetings with shareholders today...
*Ford Motor Co.'s meeting, held in Wilmington, Del., begins at 8:30 a.m. It's the first mass encounter with shareholders for new CEO Alan Morally, who joined the automaker in September.
*Dow Chemical Co. will host shareholders at the Midland Center for the Arts in Midland, beginning at 10 a.m.
*Aurora, Ont.-based Magna International Inc., which is in talks about purchasing a large stake in DaimlerChrysler AG's Chrysler Group, also meets at 10 a.m., in Toronto...
* USA - Bill Ford to shareholders: Mulally's 'off to a great start'
Wilmington, Del,USA -The Detroit News (Detroit,Mich) -May 10, 2007: -- Ford Motor Co.'s annual meeting of shareholders got underway promptly this morning in a ballroom of the Hotel du Pont in Wilmington, Del... Chairman Bill Ford Jr., opened the meeting with a statement of support for CEO Alan Mulally, who joined the auto maker in September... "He's off to a great start," Bill Ford said. "He's exactly who we need to lead us through this turnaround"...
* USA - Ford family unity tested - Heirs reject hiring Wall Street adviser at tense meeting over what to do about ailing automaker's future
Dearborn,Mich,USA -The Detroit News (Detroit,Mich), by Bill Vlasic and Bryce G. Hoffman -May 08, 2007: -- With the Ford Motor Co. mired in a dangerous decline, Ford family members gathered April 21 for a critical meeting on the company's future and their role as controlling shareholders of one of America's last great industrial dynasties... But this gathering, held at Greenfield Village not far from Ford's world headquarters, was quite different from previous family summits because of the presence of two of Wall Street's hottest dealmakers, Joseph Perella and Peter Weinberg... The Detroit News has learned that Ford family members invited Perella and Weinberg and considered hiring them to advise the family about its huge stock holdings in Ford Motor -- a clear sign of growing concern about the automaker's long-term prospects...
* Canada - Magna International posts record first-quarter sales of $6.4 billion
Detroit,Mich,USA -The Detroit News -May 10, 2007: -- Magna International Inc. said today it posted first-quarter profits of $218 million, up from $212 million in the first three months of 2006... Revenue at the Aurora, Ont.-based automotive supplier was $6.4 billion, up from $6.0 billion a year ago... The company said first-quarter sales were at record levels, despite a reduction in tooling, engineering and other sales. Magna said production and vehicle assembly sales were up in North America, Europe and elsewhere...
* Germany - DaimlerChrysler to build plant in India
Franckfurt,Germany -Bloomberg News/The Detroit News (Detroit,Mich,USA) -May 10, 2007: -- DaimlerChrysler AG , the world's second-largest luxury carmaker, will invest $67 million to build a factory in India, where an expanding economy and rising disposable incomes have spawned a set of high-spending customers, reported today... The factory, to be located at Chakan in the western state of Maharashtra, will employ 350 people initially, Joachim Schmidt, chairman of DaimlerChrysler India Pvt., said...
* USA - Ford to shut Ohio plant - Casting factory is latest targeted for closing; 25,000 workers have already left company.
Detroit,Mich,USA -Bloomberg News/The Detroit News, by Bill Koenig -May 08, 2007: -- Ford Motor Co. said 25,000 U.S. hourly workers have left the company since it offered buyouts and early retirements in September to shrink excess capacity and cut record losses... As many as 12,000 more workers may leave the automaker by the end of the year, and new offers will be made to about 1,600 hourly workers in Ohio after Ford said Monday it will close a casting factory and suspend work at an engine plant for about a year...
Labels: automakers news
posted by Unknown @ 10:40 AM
0 Comments:
Post a Comment
<< Home