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.
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 Partne
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.
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.