Magna International Inc. declines comment on a KeyBanc research note that says the supplier has submitted a bid to buy embattled Chrysler Group from its corporate parent, DaimlerChrysler AG.

Magna and a private equity partner “have written a joint letter of interest offering to buy Chrysler for roughly $4.6 billion-$4.7 billion, with the supplier looking to take a 20%-25% stake,” writes KeyBanc analyst Brett Hoselton.

Magna suggests the report is “speculation.”

“We continue to review potential alternatives regarding the future of the Chrysler Group,” Magna says. “Discussions about this matter are strictly confidential.”