10:24 AM EST - Magna International Inc. : It was reported today that DaimlerChrysler AG will sell control of its money-losing Chrysler Group to private-equity firm Cerberus Capital for US$7.4 billion, shutting out a bid led by Canada's Magna International Inc. (TSX:MG.A). DaimlerChrysler AG will sell 80.1 per cent of its money-losing Chrysler Group to private-equity firm Cerberus Capital Management LP for US$7.4 billion, dashing a bid from Canadian auto parts titan Magna International (TSX:MG.A) and unwinding a 1998 merger. The deal calls for Chrysler to retain obligations for pensions and healthcare costs and will result in a net cash outflow of 0.5 billion euros for DaimlerChrysler, the world's fifth-biggest carmaker said in a statement. Magna International Inc.
shares MG.A:CA are trading down two dollars and twenty cents at $91.30.
