Several analysts say Canadian auto parts supplier Magna International is the frontrunner in the bidding to grab a significant stake in the Chrysler Group. Magna also appears to be the favorite of Chrysler's powerful unions, which control just less than half the votes on parent company DaimlerChrysler's supervisory board.
In Germany, a supervisory board is the US equivalent of a board of directors. The board would be key in approving any deal to split up the company, keep it whole or spin off parts. Aurora, Ontario-based Magna has openly acknowledged its interest in Chrysler.
Magna already assembles cars for DaimlerChrysler in Austria through its Magna Steyr subsidiary. Reports indicate Magna was in talks with the Onex conglomerate about teaming in a bid for Chrysler.
