Chrysler could have a possible savior in the form of Russian billionaire Oleg Deripaska and the company he indirectly runs, Russian Machines. Magna International Inc., the last remaining bidder for the ailing carmaker, has announced that the Russians would invest close to $1.54 billion to help improve Magna’s standing in Russia and other nearby markets. This injection of funds could be just what Magna needs to take control of Chrysler.

Russian Machines is a subsidiary of another company known as Basic Element. This second group, according to Reuters, is beneficially held by Deripaska and is expected to invest in Magna by buying up to 20 million Class A subordinate voting shares at a price of $76.83 per share. Magna is also reported to have stuck a deal with another Canadian firm, Onex Corp., tied to a bid to buy a stake in the Chrysler Group. Russian Machines is the owner of Russia’s second largest automaker, which partnered with Magna last year to source plastic components, so let’s hope the two can form some sort of a rescue plan for Chrysler.

Isn't it ironic that one of the great American carmakers might come under the control of a Canadian company backed by the Russians. You can bet Lee Iacocca never imagined the strife Chrysler would be in when he was running the company twenty years ago.