Onex, the Canadian private equity company, is reportedly working with an autoparts supplier on a possible joint bid for US car manufacturer Chrysler in competition with US buyout firms.
Frank Stronach, founder and chairman of Magna International confirmed to Canadian paper The Globe and Mail that the parts supplier is negotiating with Onex to help finance a purchase of the Chrysler unit of DaimlerChrysler, the German and US-listed car maker.