Magna may be the only serious bidder for Chrysler, according to a
Reuters
summary of a story in Automobilwoche. The German trade publication reports
that DaimlerChrysler AG's investment bankers may be soliciting the Blackstone
Group LP and Cerberus Capital Management LP to provide the appearance of
more interest in the auction than there really is. The Reuters story doesn't
name any of the bankers, or the firm running the auction for DaimlerChrysler,
which happens to be J.P. Morgan Chase & Co. Nor did the story attempt to
substantiate the rumors through additional reporting. A final decision on
whether to sell Chrysler is likely to be made by the end of the month. The
rumor that Magna may be the only bidder should please the UAW and CAW, who
have opposed a sale to the buyout firms. —Matthew Wurtzel
See
story from Reuters
See
related story from The Detroit Free Press
See
earlier story about unions from TheDeal.com
See
Chrysler Dealwatch
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