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U.S. markets recover from steep losses
AURORA, Ontario, May 9 (UPI) -- Canadian automobile parts manufacturer Magna International Inc. confirmed Wednesday it made a formal bid for DaimlerChrysler AG's Chrysler unit.
Chairman Frank Stronach would not say how much his company's bid with investment-firm partner Onex Corp. was, but said it would not leave Magna with any extra debt.
"Everyone knows how adverse I am to debt," he said, alluding to Magna's brush with bankruptcy in the early 1990s.
"Keep in mind we have $2 billion of cash," Stronach added.
Some newspapers have said bidders were likely to offer $4.5 billion to $5 billion, whereas DaimlerChrysler values Chrysler at $8 billion to $9 billion, The Toronto Star reported.
Stronach also said DaimlerChrysler wanted to retain a stake in Chrysler, but he did not say how big that stake would be.
He added Magna and Onex were still willing to include additional partners in their group, which he described as "a contender" for money-losing Chrysler.
If Magna and Onex succeed, job losses at Chrysler, of Auburn Hills, Mich., would be "unavoidable," Stronach said.
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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ORLANDO, Fla., May 23 (UPI) --
The U.S. Air Force has added Lockheed Martin to its list of companies for support of its medical services worldwide.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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