Tesma and the Magna Steyr Group Agree To Powertrain Merge.(Tesma International)(Brief Article)

Magna International Inc. and Tesma International Inc. said that they have entered into a non- binding letter of intent concerning the proposed combination of Tesma and the Magna Steyr group to form a new global powertrain supplier.

The combination would create a global full-service powertrain supplier, incorporating Tesma's engine, powertrain and fueling systems products businesses with Magna Steyr's powertrain, engineering and vehicle assembly businesses, including four-wheel drive systems and complete vehicle assembly expertise in Europe.

The two companies will study the proposed merger further before making any final decision.

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