DaimlerChrysler ignoring Kerkorian bid?
According to the Wall Street Journal, DaimlerChrysler's Rudiger Grube is set to arrive in New York on Wednesday, but Kerkorian's Tracinda Corp. isn't on the itinerary. Companies that have made the list include Blackstone Group, Centerbridge Capital Partners LP and Cerberus Capital Management LP. Grube should also be meeting with reps for Canadian auto-parts supplier Magna International Inc. and private-equity firm Ripplewood Holdings Inc.
Kerkorian's absence could be explained by the fact that his offer is reportedly much lower than the others. That and the fact that it came with a laundry list of conditions, including that DaimlerChrysler would still be on the hook for pension and health care responsibilities for Chrysler. There's also the matter of the offer being opposed by labor unions. Even with all of that, The Wall Street Journal report said DaimlerChrysler wouldn't discriminate against Kerkorian, if he improves his bid.
[Source: The Wall Street Journal via EarthTimes.org]
- Biggest automotive sales disappointments
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models