Canadian supplier Magna is reportedly interested in acquiring Volvo and Land Rover.

According to a report in Auto Motor und Sport, the German consumer magazine, Magna is interested in taking over the plants that belong to the two brands. Magna wants to build models from other brands at the plants to help achieve full capacity utilisation.

Magna would not comment on the report. The company did take an interest in acquiring Chrysler before DaimlerChrysler agreed to sell it to the private equity firm, Cerberus.

Last month Ford confirmed that it had appointed investment banks Goldman Sachs, Morgan Stanley and HSBC to consider the future of its brands Jaguar and Land Rover. Since then, speculation has mounted that the US automaker will divest the rest of the Premier Automotive Group (PAG), of which Volvo is a part.