DaimlerChrysler Hits 52-Week High on Bid Rumors
Shares of DaimlerChrysler AG (NYSE: DCX) roared to a new 52-week high on news that Magna International Inc. (NYSE: MGA) – a Canadian auto supplier – and a private equity partner would bid for Chrysler. Chrysler is the German company’s U.S. division. The shares closed up $4.76 (6.13 percent) at $82.36 per share. The volume of shares traded today was enormous – over 6 million shares versus an average volume of around 1 million. KeyBanc Capital Markets analyst Brett Hoselton said in a note to investors that Magna and the private equity group have written a joint letter offering to…