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[Hyundai officially denies interest in Chrysler LLC]]>http://www.autoblog.com/2008/11/11/hyundai-officially-denies-interest-in-chrysler-llc/http://www.autoblog.com/2008/11/11/hyundai-officially-denies-interest-in-chrysler-llc/http://www.autoblog.com/2008/11/11/hyundai-officially-denies-interest-in-chrysler-llc/#commentsFiled under: , ,



Despite Reuters reports of Hyundai's interest in Chrysler and specifically the Jeep brand, Hyundai has gone on record denying it. We've grown accustomed to automakers giving the arbitrary "no comment" response when the rumormill swirls with corporate takeover talk, but Hyundai has flat-out denied any interest at all. Almost in the same sentence, though, officials from the Korean automaker state that the company is interested in constructing new plants overseas, so we wonder if there's any fire behind the smokescreen, possibly outside the United States. Perhaps not.

There still remains the chance that Chrysler's automotive operations will be parted out and sold to the highest bidder, regardless of who that party may be. At the very least, Cerberus could decide to sell manufacturing plants to various automakers like Hyundai or the Nissan/Renault alliance, whose offer for 20% of the ailing American automaker may not seem so bad after all.

[Source: Trading Markets]

Hyundai officially denies interest in Chrysler LLC originally appeared on Autoblog on Tue, 11 Nov 2008 09:00:00 EST. Please see our terms for use of feeds.

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The latest rumors regarding Cerberus-owned Chrysler and its possible sale point to the breakup of Chrysler's assets, and in particular its brands. General Motors may be interested in bits and pieces of its cross-town rival, but perhaps not the entire automaker. Jeep is considered Chrysler's most valuable asset and was purchased by the automaker from Renault in the '80s, around the same time that AMC ceased to exist. A similar scenario may put Jeep back in the hands of Renault. This purchase could allow the French automaker an easier entry back into the U.S. market with dealerships and excess production capacity leftover from Chrysler.

General Motors main interests are rumored to be the minivan line along with some production sites, including the plant in Mexico that assembles Dodge Ram trucks. In exchange for the pieces of Chrysler that GM is interested in, the automaker could fork over its remaining 49-percent stake in GMAC to Cerberus. It's clear that all companies involved are still in negotiations, and it's completely possible that nothing changes hands at all. Round 'n round we go...

[Source: Reuters]

Cerberus could sell Jeep to Renault originally appeared on Autoblog on Fri, 17 Oct 2008 19:02:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>chryslerchrysler gm mergerchrysler llcchrysler renaultchrysler saleChryslerGmMergerChryslerLlcChryslerRenaultChryslerSaleFri, 17 Oct 2008 19:02:00 EST<![CDATA[More rumors of a Chrysler sale, bankruptcy]]>http://www.autoblog.com/2008/06/30/more-rumors-of-a-chrysler-sale-bankruptcy/http://www.autoblog.com/2008/06/30/more-rumors-of-a-chrysler-sale-bankruptcy/http://www.autoblog.com/2008/06/30/more-rumors-of-a-chrysler-sale-bankruptcy/#commentsFiled under: , , ,

Despite the fact that Chrysler shares are no longer sold on the stock market, rumors regarding the company's financial standing continue to haunt the number three domestic auto manufacturer in America. Last week, rumors regarding the negative cash flow were so rampant, a company spokesperson went out of his way to deny that the automaker was headed towards bankruptcy. Now, despite constant assurance from Chrysler that it's hitting all of its internal goals, the lack of announced future product and credit warnings from major firms such as Merrill Lynch and Fitch Ratings are causing some industry insiders to predict major changes from the automaker. Some analysts even believe that Cerberus is looking to offload or break up the company, allegations that Chrysler vehemently denies.

Because the automaker is privately held, the world will just need to sit back and wait to see how Cerberus' so-called "buy, fix and hold" strategy will work out. Despite what took place back in the '70s, Chrysler shouldn't get its hopes up for much federal assistance. It goes without saying, though, that Chrysler is going to need some major revamped products if it plans to make it in the tough U.S. market much longer.

[Source: The Detroit Free Press]

More rumors of a Chrysler sale, bankruptcy originally appeared on Autoblog on Mon, 30 Jun 2008 15:23:00 EST. Please see our terms for use of feeds.

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Chrysler's spinoff from its German parent and the subsequent sale to Cerberus Capital Management was announced back in May, but the deal was only given final approval from the European Commission yesterday. Despite the latest episode, we're unlikely to see things finalized until at least the third quarter because the deal now requires approval from U.S. authorities.

Since there were no objections from any of the parties involved, the approval was fast-tracked using a special simplified procedure, and the same approach is expected to be taken on U.S. soil.

Under the terms of the deal, Cerberus will become the owner of an 80.1% stake in Chrysler and its financing businesses. Of the $7.4 billion dollars it's paying for the privilege, $6.05 billion will go towards Chrysler and its finance arm, with $1.35 billion paid into the coffers of Germany's Daimler. In return, Daimler will offer a loan of $405 million to Chrysler and an additional $880 million to cover its long-term liabilities.

[Source: Automotive News - Sub. Req.]

EU approves Cerberus/Chrysler deal originally appeared on Autoblog on Wed, 04 Jul 2007 17:32:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>CerberusChrysler CerberusChrysler saleChryslerCerberusChryslerSaleWed, 04 Jul 2007 17:32:00 EST<![CDATA[VIDEO: Autoblog Podcast #66 (enhanced)]]>http://www.autoblog.com/2007/05/20/video-autoblog-podcast-66-enhanced/http://www.autoblog.com/2007/05/20/video-autoblog-podcast-66-enhanced/http://www.autoblog.com/2007/05/20/video-autoblog-podcast-66-enhanced/#commentsFiled under: , ,



The enhanced version of Autoblog Podcast #66 is finally here, and it broght some pictures to the audio party. In part one, we talk Cerberus' purchase of the American icon turned German property Chrysler. In part two of podcast #66 we finished up the Chrysler talk, then we covered quite a bit of ground with the Malibu vs. Camry marketing campaign about to be waged by Chevrolet, Autoblog's spy shots of the Accord Sedan, and the upcoming Saab 9-3. In the last part of the podcast, we touch base on the Corvette Z07 or SS or Blue Devil or whatever, and we also break down the German dominance of the international engine awards. We crammed a whole lot into 30 minutes, and it's definately worth a listen. Remember, parts two and three of the podcast are available after the jump.

Check it out. Per your suggestions, we cut the podcast into three sections for smaller downloads, and we've also embedded sections two and three of the podcast after the jump. If you have any more suggestions on how to improve the enhanced version of the Podcast, let us know in the comments. We're working on a better distribution system than shoving all three in our current RSS feed of the audio-only version, so soon you'll be able to subscribe just to the enhanced version's RSS feed.

DOWNLOAD Part One to your desktop (Chrysler Sale)
DOWNLOAD Part Two to your desktop (Accord sedan, Saab 9-3, Chevy Malibu)
DOWNLOAD Part Three to your desktop (Corvette Z07, Engine Awards)

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Continue reading VIDEO: Autoblog Podcast #66 (enhanced)

VIDEO: Autoblog Podcast #66 (enhanced) originally appeared on Autoblog on Sun, 20 May 2007 09:41:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>9-3accord sedanAccordSedanautoblogchrysler saleChryslerSaleengine awardsEngineAwardsmalibupodcastz07Sun, 20 May 2007 09:41:00 EST<![CDATA[You can go home again: Bernhard sits down with Chrysler]]>http://www.autoblog.com/2007/05/04/you-can-go-home-again-bernhard-sits-down-with-chrysler/http://www.autoblog.com/2007/05/04/you-can-go-home-again-bernhard-sits-down-with-chrysler/http://www.autoblog.com/2007/05/04/you-can-go-home-again-bernhard-sits-down-with-chrysler/#commentsFiled under: ,



The last time that Chrysler was on the brink around the turn of the century, Dieter Zetsche and Wolfgang Bernhard came over from Germany to try and right the ship and seemed to have succeeded at least for a time. Then Bernhard was recalled to the mother ship in Stuttgart where he ruffled former CEO Jurgen Schrempp's feathers a bit too much. He subsequently went to Volkswagen where he appeared to be trying to dismantle Ferdinand Piech's legacy and was dismissed again.

He is now back at the site of his greatest success in Auburn Hills, this time leading the bid by Cerberus Capital Management to buy Chrysler from Daimler. Bernhard has visited Chrysler headquarters at least twice in the past week and his involvement seems to be giving Cerberus' bid some extra credibility. If the private equity fund does end up winning, it seems likely that Bernhard might end up back at the helm of Chrysler. If that does happen, the big question is... will he green light the Tomahawk?

[Source: Detroit News]

You can go home again: Bernhard sits down with Chrysler originally appeared on Autoblog on Fri, 04 May 2007 12:28:00 EST. Please see our terms for use of feeds.

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Last week we told you that DaimlerChrysler's Rüdiger Grube was heading to New York to visit with potential suitors for the Chrysler Group. And it appears he was a man on a mission. It seems that a close source has told news outlets that a sale could be wrapped up by as early as May. Although talks are ongoing and nothing is definite, it looks like at least one of the bidders has met the company's expectations in principle. Those bidders included Blackstone Group, Centerbridge Capital Partners LP and Cerberus Capital Management LP, as well as Canadian auto-parts supplier Magna International Inc. and private-equity firm Ripplewood Holdings Inc. After initial meetings, the final three appeared to be Cerberus, Blackstone and Magna.

Deals like this don't happen overnight, however, so even if a bidder has been chosen, it will take some time to dot the i's and cross the t's. And one slightly sticky point may remain. Workers' reps on the Chrysler supervisory board have reportedly been okay with a sale "as long as the buyer agrees to protect as many jobs as possible." That's a bit different than what UAW head, Ron Gettelfinger, said a couple of days ago. His words were a bit less supportive. Something closer to sale or no sale, UAW jobs were the most important thing. He also suggested he had the support of the supervisory board, of which he is a member. Equity partnership possibilities are also a potential stumbling block still. Since Kirk Kerkorian first brought that issue into the spotlight, other bidders have incorporated it into their proposals.

But billionaire Kerkorian's $4.5 billion bid is apparently still getting snubbed as well. Gettelfinger, who said he has met the bidders, said the UAW would reject any bid from so-called "strip-and-flip" investors. That seemed a thinly veiled slap at interested leveraged-buyout firms. The primary concern for the union is preserving jobs, which also explains why GM didn't ever have a real chance, according to sources. Of course, with a $1.5 billion loss last year, Chrysler still plans to cut 13,000 jobs in hopes of returning to profitability by 2008.

[Source: Automotive News, sub req]

April showers could bring May sale of Chrysler originally appeared on Autoblog on Sat, 21 Apr 2007 07:27:00 EST. Please see our terms for use of feeds.

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Is DaimlerChrysler deliberately snubbing Kirk Kerkorian? Word has it the company is sending one of its top executives to New York to meet with potential buyers, but Kirk isn't on the list. Kerkorian, as you may know, has already made a $4.5 billion offer for Chrysler.

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]

DaimlerChrysler ignoring Kerkorian bid? originally appeared on Autoblog on Wed, 11 Apr 2007 14:05:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Chrysler saleChryslerSaleKirk KerkorianKirkKerkorianRudiger GrubeRudigerGrubeWed, 11 Apr 2007 14:05:00 EST<![CDATA[Zetsche: Daimler is not "auctioning" Chrysler]]>http://www.autoblog.com/2007/03/07/zetsche-daimler-is-not-auctioning-chrysler/http://www.autoblog.com/2007/03/07/zetsche-daimler-is-not-auctioning-chrysler/http://www.autoblog.com/2007/03/07/zetsche-daimler-is-not-auctioning-chrysler/#commentsFiled under: ,



DaimlerChrysler CEO Dieter Zetsche has told a German newspaper that DCX is not committed to separating from the Chrysler Group and may end up staying as a single company when all is said and done. He also stated the Chrysler is not on the auction block to all potential bidders. Rather, Daimler is willing to share information with potential buyers at their own discretion.

A number of potential buyers including several private equity firms are looking at purchasing the Chrysler Group, including the Blackstone Group, which has been given access to the books to determine how much if anything to bid. Daimler apparently wants to make sure that whoever might buy Chrysler actually has the financial resources to make a go of it, rather than oversee a fiasco like the collapse of the Rover Group after BMW divested it.

[Source: Automotive News - sub. req'd]

Zetsche: Daimler is not "auctioning" Chrysler originally appeared on Autoblog on Wed, 07 Mar 2007 15:02:00 EST. Please see our terms for use of feeds.

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