Bidding war could erupt over Chrysler

DaimlerChrysler AG's stock soared Friday to its highest level in more than six years amid indications that the bidding for the Chrysler Group has begun in earnest.

People close to the sale process said a select group of potential buyers are preparing to submit offers for the U.S. division of DaimlerChrysler by the end of next week.

One auto analyst said Friday that DaimlerChrysler had received a "joint letter of interest" from Canadian supplier Magna International Inc. and an unnamed private-equity firm to buy Chrysler for $4.7 billion.

While the bid was unconfirmed, investors reacted by driving the stock of DaimlerChrysler up 6 percent in heavy trading. The stock closed at $82.36, up $4.76, in New York — its highest point since August 2000. More at Detroit News