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Chrysler halts Renault-Nissan talks, favors GM: report |
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Written by Bill Cooke
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Sunday, 02 November 2008 |
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DETROIT (Reuters) - Talks on a deal to sell Chrysler LLC to Nissan Motor Co <7201.T> and Renault SA <RENA.PA> have halted because the No. 3 U.S. automaker's owner favors a deal with General Motors Corp <GM.N>, The Detroit News reported on Saturday. Citing sources familiar with the situation, the newspaper said no further talks have been scheduled between private equity firm Cerberus Capital Management LP <CBS.UL>, which sees a deal with No. 1 U.S. automaker GM as financially more advantageous and better for the struggling U.S. auto industry. In an earlier report, The Detroit News said the Nissan-Renault alliance had proposed buying 20 percent of Chrysler. A spokesman for Cerberus declined to comment. Earlier this week Nissan-Renault Chief Executive Carlos Ghosn dismissed reports of merger talks with Chrysler as speculation, adding that it did not make sense to risk cash in the current economic environment to form a strategic alliance. GM and Chrysler have been in talks on a possible merger, but according to sources any deal will have to wait until after the U.S. presidential elections on Nov 4 as the Bush administration ruled out providing government funding for it. |
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Chrysler NOT to be broken up after sale |
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Written by Administrator
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Thursday, 17 May 2007 |
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DETROIT - Chrysler Group Chief Executive Tom LaSorda said on Tuesday that the automaker’s three brands, Jeep, Chrysler and Dodge, will not be broken up after its sale to Cerberus Capital Management. “These brands will not be broken up under any circumstances,” LaSorda told reporters, a day after German parent DaimlerChrysler AG announced the sale of most of its stake in Chrysler to Cerberus Capital Management. The CEO also said Cerberus has endorsed the current product plan and investment in plants. “The product plan is set,” LaSorda said. |
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Chrysler sold to Cerberus Capital for $7.4B |
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Written by Administrator
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Thursday, 17 May 2007 |
 Updated: 1:37 p.m. PT May 14, 2007 FRANKFURT, Germany - German-based DaimlerChrysler said Monday it will sell almost all of money-losing Chrysler to a private equity firm for $7.4 billion, backing out of a troubled 1998 takeover aimed at creating a global automotive powerhouse. Eighty percent of Chrysler Group, burdened by high pension and health costs and declining market share in the United States, will be sold to Cerberus Capital Management LP. Cerberus is taking a huge risk by agreeing to take on billions of dollars in pension and retiree health care costs at Chrysler. Cerberus Chairman John Snow, a former U.S. treasury secretary, told a news conference in Germany that the New York-based private equity firm believes in Chrysler and wants to see the company recover. |
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