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Kerkorian's bid, about one-fifth of what he offered in 1995, reflects the falling fortunes of Chrysler Group, which lost $1.5 billion last year and has announced 13,000 job cuts in North America and reduced production.
It’s official: DaimlerChrysler confirms that its Chrysler division is up for sale. The announcement was made today by Chairman Dieter Zetsche at his company’s shareholder meeting in Berlin. Although he did not name potential buyers, private-equity firms Blackstone and Cerberus, and Canadian car group Magna International have reportedly made formal bids on Chrysler. Brad Rubin, auto trading sector specialist at BNP Paribas, and Michelle Krebs, senior editor at Edmunds’ Auto Observer.com appeared on "Morning Call" to debate whether a sale to private equity would be the best thing for Chrysler’s future.
DaimlerChrysler shares gained sharply on Friday on speculation that the German automaker could be nearing a deal to sell struggling U.S. unit Chrysler.
Chrysler CEO Tom LaSorda told a small group of auto dealers that the sale of the money-losing automaker could be resolved soon, The Wall Street Journal reported Thursday.