Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[REPORT: Cerberus sells more than half of Chrysler and GMAC, Chrysler denies]]>http://www.autoblog.com/2008/06/02/report-cerberus-sells-more-than-half-of-chrysler-and-gmac/http://www.autoblog.com/2008/06/02/report-cerberus-sells-more-than-half-of-chrysler-and-gmac/http://www.autoblog.com/2008/06/02/report-cerberus-sells-more-than-half-of-chrysler-and-gmac/#commentsFiled under:

UPDATE: Chrysler just released the following statement: "Cerberus has not reduced or made any changes to its equity stakes in GMAC or Chrysler since the closing of either transaction. Cerberus continues to have voting control over both investments. It is common knowledge, and has been widely reported, that Cerberus made these investments side-by-side with its co-investors at the time of closing. As a general rule, Cerberus does not commit more than 5% of the capital of any of its funds to any single investment."

The Detroit Free Press is reporting via the Financial Times that Cerberus Capital Management has sold more than 50% of its stake in Chrysler LLC and GMAC LLC to a group of around 90 investors. The Freep reports that the investment firm earned up to $1 billion for selling parts of its stake in both companies. Cerberus bought a controlling stake in GM's financial unit back in April of 2006 for $14 billion and bought up Chrysler from Daimler in May of 2007 for $7.4 billion.

Automotive News actually got in touch with a senior Chrysler official today, however, who said bluntly, "Cerberus has not sold any equity in Chrysler." What may be causing the confusion is that when Cerberus bought up 80.1% of Chrysler, it had already aligned itself with co-investors. These 90 investors may have been involved in the transaction from the beginning and own a stake in Cerberus' stake of Chrysler and GMAC. The $1 billion, meanwhile, would then be what Cerberus earned in fees for bringing on the additional investors.

There's clearly a lot of confusion this morning surrounding the Financial Times report and not until Cerberus speaks will we be able to ascertain the nugget of truth amidst all the conjecture.

[Source: The Detroit Free Press, Automotive News]

REPORT: Cerberus sells more than half of Chrysler and GMAC, Chrysler denies originally appeared on Autoblog on Mon, 02 Jun 2008 12:28:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>breakingcerberus capitalcerberus capital man...cerberus chryslercerberus GMACcerberus sells chrysler stakeCerberusCapitalCerberusCapitalMan...cerberuscapitalmanag...CerberusChryslerCerberusGmacCerberusSellsChryslerStakeMon, 02 Jun 2008 12:28:00 EST<![CDATA[Next Chrysler 300 gets evolutionary exterior, "huge leap" in interior]]>http://www.autoblog.com/2008/05/26/next-chrysler-300-gets-evolutionary-exterior-huge-leap-in-int/http://www.autoblog.com/2008/05/26/next-chrysler-300-gets-evolutionary-exterior-huge-leap-in-int/http://www.autoblog.com/2008/05/26/next-chrysler-300-gets-evolutionary-exterior-huge-leap-in-int/#commentsFiled under: , ,



When the Chrysler 300 dropped on an unsuspecting public in 2004, it was all crisp edges and upright stance, with a bulldog face to help drive home the message of urgent thrust delivered by a reborn Hemi V8. Chrysler's got a refreshing in the pipeline for the 300, and that's giving designers fits. It's akin to sophomore album syndrome - when the original is a huge hit, how, exactly, do you follow it up? Chrysler designers are invoking the Porsche philosophy used to update its 911 through the generations as a roadmap for the 300's body changes, so don't expect anything too dramatic on the outside.

Inside, however, will be where the real action occurs. While not the worst interior Chrysler puts out, it's certainly got room for improvement. Cerberus chairman Steven Feinburg is reportedly passionate about improving the quality of Chrysler's offerings, and the lower quality materials we have today are being jettisoned in favor of more competitive finery. Whether that means competitive with what's out there right now, or as good as what everyone else will have by the time the new 300 hits the market, we don't know. Equipment levels, too, are an area where Chrysler wants to improve. Look for more technology and features that are better executed in the new 300, which the design staff has hopefully not managed to whack with an ugly stick in the name of "continued distinctiveness," or some other marketing double-speak for "we couldn't do better, so we did weird."

[Source: Wards Auto]

Next Chrysler 300 gets evolutionary exterior, "huge leap" in interior originally appeared on Autoblog on Mon, 26 May 2008 18:32:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>300 redesign300Redesigncerberuscerberus capitalcerberus capital man...cerberus chryslercerberuscapitalCerberusCapitalMan...cerberuscapitalmanag...CerberusChryslerchryslerchrysler 300chrysler 300 redesignchrysler 300cchrysler llcChrysler300Chrysler300cChrysler300RedesignChryslerLlcMon, 26 May 2008 18:32:00 EST<![CDATA[Magna confirms interest in Chrysler, visits Auburn Hills]]>http://www.autoblog.com/2007/03/10/magna-confirms-interest-in-chrysler-visits-auburn-hills/http://www.autoblog.com/2007/03/10/magna-confirms-interest-in-chrysler-visits-auburn-hills/http://www.autoblog.com/2007/03/10/magna-confirms-interest-in-chrysler-visits-auburn-hills/#commentsFiled under: , ,

The ups and downs of the rumored Chrysler sale are a better soap opera than NASCAR.

Now, Magna International, one of the reported suitors, has confirmed that the supplier is interested in exploring the purchase of the Chrysler group and has recently met with officials at the automaker. The main reason for the small fish eating the big fish would be mutual preservation. By propping up Chrysler, Magna keeps one of their large customers humming, and the continuation of contracts will keep Magna employees busy.

Other companies are exploring the option of acquiring Chrysler, as well. Private capital firms the Blackstone Group and Cerberus Capital Management have paid visits to Auburn Hills recently, and General Motors has reportedly been examining the possibility of a lash-up, as well. We hope that GM has decided not to move forward, as there are seemingly more overlaps than synergies between the two automakers, and we worry for the future of jobs, platforms, plants and workers should the very strange marriage between two of the Big Three goes forward.

[Source: Detroit News]

Magna confirms interest in Chrysler, visits Auburn Hills originally appeared on Autoblog on Sat, 10 Mar 2007 11:24:00 EST. Please see our terms for use of feeds.

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At least five potential Aston Martin buyers have now whipped out their platinum cards in anticipation of taking the esteemed carmaker off Ford's hands. One London banker said, "The interesting question is whether this is just going to be a scrap between the rich men of Russia and the rich men of the Middle East." It's interesting to note the plethora of former Ford execs hoping to get a piece of Aston.

List of potential bidders after the jump.

[Source: thebusinessonline.com]

Continue reading Line to buy Ford's Aston Martin grows

Line to buy Ford's Aston Martin grows originally appeared on Autoblog on Sun, 29 Oct 2006 13:30:00 EST. Please see our terms for use of feeds.

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According to newswire Reuters, General Motors is in discussions with an investor group to sell a 51-percent stake in GMAC financial. The Cerberus Capital Management-led coalition is expected to be worth around $11 billion, with a 'broad structure of an agreement' already settled.

The deal isn't final yet-- GM's board must sign off on the deal to sell the stake.

[Source: Reuters]

Breaking: General Motors close to selling 51-percent stake in GMAC to investor consortium originally appeared on Autoblog on Thu, 30 Mar 2006 13:36:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Cerberus CapitalCerberusCapitalGMACThu, 30 Mar 2006 13:36:00 EST