Less than a week ago, we brought you a report
saying Magna is the only serious bidder for Chrysler
and that Cerberus was brought in to make it look like more parties were interested in buying. According to the Associated Press, if the plan was to throw reporters off the scent, it worked. The Detroit News and the Wall Street Journal both reported that private equity firm Cerberus
is the front-running contender to take Chrysler away from the Germans.
The papers list Magna as an also-ran along with GM
and Kirk Kerkorian.
So, if you were the German owner of a partially-restored, vintage American car company, who would you rather sell to? Your Russian-backed, Canadian parts supplier that has years of automotive experience or a U.S. equity firm with years of, um, private equity experience?
[Source: AP via Breitbart.com]