that a group of
employees in Toledo are crafting a proposal that would have the automaker's 50,000
workers buy a controlling stake in the automaker. The proposed worker buyout offer is already stirring up a reaction among the major players involved in the potential sale of the Chrysler Group. Buzz Hargrove, president of the Canadian Auto Workers union, told
this morning that his organization is not interested in the proposal being put together by the Employee Buyout Committee. In his estimation, workers have already hitched their jobs and pensions to Chrysler's wagon, and that's enough. Hargrove admitted, however, he had not read the plan yet.
Though the UAW is getting the cold shoulder from its border brothers, billionaire investor Kirk Kerkorian is reportedly interested in meeting with the Employee Buyout Committee to discuss working together to acquire Chrysler. Kerkorian and his investment firm, Tracinda Corp., have already made a low-ball
bid of $4.5 billion
for the Chrysler Group. Perhaps sensing his reputation is a liability in these matters, Kerkorian may be looking for a partner in the UAW employees that could get him to the negotiating table.
[Source: Automotive News]