Magna Looks for Big Acquisitions

Canada's Magna International Inc., which hasn't made an acquisition worth more than $500 million in a decade, says it would now consider deals costing as much as $4 billion, Bloomberg News reports.

Magna, already North America's largest auto supplier, avoided big investments when founder Frank Stronach, who retired in 2011, was in charge. Bloomberg says the company paid a combined $3.3 billion for acquisitions in the past 14 years.

But a far more bullish CEO Don Walker says the company is willing to take on debt or issue equity for a "huge" acquisition. "We have complete flexibility," he tells Bloomberg.

Walker doesn't reveal possible targets. But he does say he is looking for a "transformational" acquisition that would make Magna a global leader in several new product areas.