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* USA - Picky Chrysler Gets Ready For Suitors
Pity poor Chrysler
Detroit,Mich,USA -Forbes, by Joann Muller -26 Feb 2007: -- It is locked in a loveless marriage that doesn't fulfill its needs. Mercedes doesn't want it, and it can't survive on its own in the toughest market in the world... Starting next week, a parade of potential suitors will meet with parent DaimlerChrysler and its adviser, J.P. Morgan Chase, to review the Chrysler Group's prospectus, says a source close to the situation. Each will receive an in-depth look at the division's assets, liabilities and financial projections, as well as a glimpse of future Chrysler, Dodge and Jeep vehicles... Fewer than a dozen automakers and private equity firms will hear the presentation, the source says. Rumors are flying about who will get a peek under the tent at Chrysler, which lost $1.5 billion last year and has launched a recovery plan to return to profitability next year. Among the likely investment candidates: Cerberus Capital, Apollo Management, the Carlyle Group and the Blackstone Group...
* COMMENT: USA - Captain Kirk, meaning Kirk Kerkorian, Please Report To The Bridge
NY,USA -Forbes, by Jerry Flint -23 Feb 2007: -- As I read these stories about Chrysler, I cannot help thinking of Mark Twain's famous cable to The Associated Press 110 years ago: "The reports of my death are greatly exaggerated."... Yes, things look bad for Chrysler... The Germans on the ruling Supervisory Board at DaimlerChrysler seem determined to get rid of the U.S. company, the bankers are eyeing the fees and all the momentum points to a sale. The old saying applies here; once these things get started, they tend to have a life of their own... The sad thing is that Chrysler really is not in horrendous shape. OK, a $1.5 billion loss sounds scary, unless you remember the $12 billion loss of Ford last year and the $10 billion loss at GM the year before. The auto industry is a cyclical business. I figure that DaimlerChrysler lost at least $5 billion on its silly little Smart car, and it has yet to bail out of that boondoggle... Will it happen? If the buyer is not one of the auto companies, there are still plenty of scavengers and vultures looking to make some money by breaking up the company. Right now, General Motors may be the only car company seriously looking at possible deal with Chrysler... Chrysler has faced more than one crisis in its history, and something always comes along to save the company... Ah, where is Captain Kirk, meaning Kirk Kerkorian, when we need him?
* USA - Chrysler workers get $100K to go - Early retirement, buyout packages are part of plan to cut 11,000 jobs; some say it's not enough money
Detroit,Mich,USA -The Detroit News, by Josee Valcourt -27 Feb 2007: -- DaimlerChrysler AG's Chrysler Group said Tuesday it will offer union workers up to $100,000 to leave the company as it moves to cut 9,000 hourly jobs in the United States... Some workers, however, said they were disappointed the offers weren't more generous and didn't include a voucher for the purchase of a new vehicle... Chrysler announced a deep restructuring two weeks ago and has already detailed buyout and early retirement offers designed to cut 2,000 hourly positions in Canada and 2,000 U.S. salaried jobs...
* Germany - DCX OKs Chery deal - China likely to approve plan to sell its cars here
Frankfurt,Germany -Associated Press/The Detroit News, by Matt Moore -27 Feb 2007: -- DaimlerChrysler AG, seeking to cut costs and boost sales in North America, said Tuesday it will start selling Chinese-made cars in that market and western Europe as it tries to meet demand for smaller, more economical vehicles... The world's fifth-largest automaker said its supervisory board approved the framework of a limited partnership that will see China's Chery Motor Co. build the cars in China...
Labels: automakers news
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