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AUTOMAKERS DANCE * usa -
* DaimlerChrysler rises amid private equity buyout talksSan Francisco,CAL.USA -MarketWatch, by Shawn Langlois -Feb 23, 2007: -- DaimlerChrysler shares on Friday added 48 cents to $70.46 to lead a slight advance in the auto sector following reports the German-American car maker is in talks with at least four private equity groups over the sale of its Chrysler division... Apollo Management, Blackstone, Carlyle and Cerberus Capital Management were contacted by DaimlerChrysler last week, according to the Financial Times. General Motors has also had talks with Chrysler while others, such as Volkswagen, Hyundai and Renault-Nissan, have said they aren't interested in buying the troubled U.S. automaker...
* COMMENT: Desperation In Detroit
NY,USA -Forbes, by Jonathan Fahey -16 Feb 2007: -- It seems like at this point Detroit executives will discuss anything as they grope for a way to survive. The latest long shot: General Motors buys DaimlerChrysler's Chrysler Group... It's unclear, though, how this latest reputed plan would do anything positive for either company, or the U.S. auto industry... About the only constituents it would help would be the DaimlerChrysler shareholders hoping against hope to ditch the Chrysler Group on anyone who will take it... Chrysler is everything that General Motors is trying not to be--overly reliant on light trucks and beset with overcapacity and losses in North America... The case for a merger, meager as it is, could go something like this: buy Chrysler for almost nothing, spin off Jeep or Hummer, absorb the minivan operations and a few other product lines, like the Chrysler 300 rear-wheel-drive platform. And then fire a lot of people. Were this merger to happen, the companies would likely see job losses on a scale that would make Chrysler's announcement to cut 13,000 from its payroll look quaint...
* Investors circle Chrysler - Handful to get secret data as DCX shops automaker around
Detroit,Mich,USA -The Detroit News, by Bill Vlasic -Feb 24, 2007: -- The bidding process for the Chrysler Group will begin as soon as next week, when private investors and automakers are expected to receive confidential data on the U.S. division of DaimlerChrysler AG... Distribution of the detailed prospectus is the first step in a lengthy process that could lead to the sale of Chrysler to a private-equity firm or a rival automaker such as General Motors Corp... Only a limited number of potential buyers will be given the document prepared by J.P. Morgan Chase & Co., the investment banker hired by DaimlerChrysler to manage a possible sale... (Photo by Daniel Mears / The Detroit News - Sources say DaimlerChrysler Chief Executive Dieter Zetsche, right, with CFO Bodo Uebber, hopes to offer a progress report on Chrysler at the German automaker's annual meeting on April 4 in Stuttgart)
Detroit,Mich,USA -The Detroit News, by Bill Vlasic -Feb 24, 2007: -- The bidding process for the Chrysler Group will begin as soon as next week, when private investors and automakers are expected to receive confidential data on the U.S. division of DaimlerChrysler AG... Distribution of the detailed prospectus is the first step in a lengthy process that could lead to the sale of Chrysler to a private-equity firm or a rival automaker such as General Motors Corp... Only a limited number of potential buyers will be given the document prepared by J.P. Morgan Chase & Co., the investment banker hired by DaimlerChrysler to manage a possible sale... (Photo by Daniel Mears / The Detroit News - Sources say DaimlerChrysler Chief Executive Dieter Zetsche, right, with CFO Bodo Uebber, hopes to offer a progress report on Chrysler at the German automaker's annual meeting on April 4 in Stuttgart)
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