CarAndDriver

Chrysler bid goes to Cerberus
Deal may be announced today; analysts say UAW will feel sting as job cuts likely

May 13, 2007

By TIM HIGGINS

FREE PRESS BUSINESS WRITER

DaimlerChrysler AG has chosen Cerberus Capital Management, a private equity firm that already has several ties to the auto industry, as the final bidder to buy the Chrysler Group, the Free Press has learned.

Late Sunday, DaimlerChrysler AG was making plans for a predawn announcement today timed to German financial markets, people familiar with the process said, but noted that the exact time was in a fluid state.

If Cerberus is named the final bidder, it would be a spectacular triumph for a private equity firm to take control of one of Detroit's automakers and a giant blow to Canadian auto supplier Magna International Inc.

It also could mark the beginning of an even more difficult time for organized labor, which has been vocal about its opposition to private equity firms getting involved in the auto business and with Chrysler, specifically.....

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So how long do we give Chrysler after this fire sale?

Cue the funeral march.....

HeavyMetal699

ASH8

$20 Billion!!

Cap in Hand to the Feds?

IMO Chrysler are finished...after their returned to the Australian market (30 year absence) Chrysler sales are pathetic..

Design1stCode2nd

Cerebus is in the market to make money. They wouldn't pony up the cash just to loose their investment. There is a plan, no idea what it is but I'm sure there is a plan.

Expect a UAW strike this summer that will have some serious shockwaves.

CarAndDriver

Cue the funeral march.

Clavius

Whoohoo the Cancer will kill 'em finally!!
Like honestly 30billion thats wow.. nuts and should of been forseen YEARS ago as a major killing point for the company. My pipe dream is that this company will have the company and its brands put out cars that will sell and forget about being conservitive in its designs. Oh and Dont bring anything like the Crossfire out lol.