Magna waiting to hear on Chrysler offer

The head of auto parts giant Magna International Inc. said it will be a few more weeks before the company hears DaimlerChrylser's reaction to its bid for the Chrysler group.

"As far as we know, we're still part of the picture," Frank Stronach told reporters following the annual meeting of Magna Entertainment Corp.

Magna and Onex Corp. teamed up in April on their bid for Chrysler.

Stronach said the Chrysler bid would not involve Magna International taking on debt.

Stronach said Aurora, Ont.-based Magna doesn't want to compete with its customers. "We want to be of service to our customers."

"We'd like to participate in an orderly transaction to perhaps not only save jobs but also create new ones, being more competitive," he said.

DaimlerChrysler chairman Dieter Zetsche said back in February that the German-American company was looking at all options for the struggling Chrysler group.

In addition to Magna, which bid up to $4.7 billion US for Chrysler, billionaire investor Kirk Kerkorian also made a bid of $4.5 billion US for the company.

Several other private equity companies, including Cerberus Capital and a consortium led by Blackstone Group, may have submitted bids, but they have not confirmed their offers.