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Reply #130: Vulture Fund Cerberus Weiging Bid for Chrysler! [View All]

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KoKo Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-11-07 02:11 PM
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130. Vulture Fund Cerberus Weiging Bid for Chrysler!
DaimlerChrysler official says Cerberus, Blackstone weighing bid for Chrysler

2 hours, 24 minutes ago

By Tom Krisher

DETROIT (AP) - Buyout experts from two private-equity firms are meeting this week with Chrysler Group executives about possibly making a bid to buy DaimlerChrysler AG's struggling U.S. unit, a company official said Tuesday.

The official, who did not want to be identified because the talks are confidential, told The Associated Press that Cerberus Capital Management LP representatives visited the company's Auburn Hills, Mich., headquarters Monday to review the automaker's finances, while Blackstone Group officials are to arrive later in the week.

The visits are the latest developments since DaimlerChrysler chairman Dieter Zetsche said Feb. 14 that all options are being considered for the Chrysler business and that he would not rule out a possible sale.

Analysts say General Motors Corp., plus four private-equity firms, including Cerberus, Blackstone, Apollo Management LP and the Carlyle Group are exploring a purchase of the struggling company.

GM won't comment but won't deny the reports, while all four private equity firms have refused comment.

Zetsche, speaking Tuesday at the Geneva Motor Show, said he is confident Chrysler Group's restructuring plan will work. He also said that the finance arm of Chrysler could be sold.

Chrysler on Feb. 14 announced plans to shed 13,000 jobs, including 11,000 hourly and 2,000 salaried workers in the U.S. and Canada as part of its restructuring plan.

The company plans to close one factory and make cuts at several others to reduce factory capacity to match lower demand for its products.

Chrysler lost US$1.475 billion in 2006 and said it expects losses to continue through 2007.

Shares of DaimlerChrysler rose $1.57, or 2.4 per cent, to $67.37 in morning trading on the New York Stock Exchange.

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