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Old 04-04-2007, 01:00 PM
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Arrow DaimlerChrysler confirms in talks about Chrysler


DaimlerChrysler confirms in Chrysler sale talks

BERLIN (AP) ??” DaimlerChrysler AG is confident a turnaround program at its Chrysler unit will return the beleaguered American brand to profitability, but Chairman Dieter Zetsche said Wednesday the automaker is in talks with unidentified potential buyers.

"As announced on Feb. 14, we are open to all options for future collaboration with Chrysler," he told some 9,000 shareholders crammed inside Berlin's exhibition center. "The statement is still true today."

He said that the talks have been with "potential partners who have shown a clear interest" and "so far, I am satisfied with the process. Everything is going according to plan."

He would not elaborate on who was involved in the talks.

Zetsche stunned the automotive world on Feb. 14 when he said that continued losses and fierce competition in the United States meant that the German-American automaker was considering all options for its Chrysler unit, and did not rule out a possible sale, saying only that all options were being considered.

He did not disclose whether any decision to sell Chrysler had been made or if the company was any closer to a solution. Still, he did say a recovery plan that will cut 13,000 jobs in the U.S. and Canada was moving forward.

The Chrysler unit lost $1.5 billion in 2006.

"The crucial factor was the unforeseeable shift in demand to smaller, more fuel-efficient vehicles which was triggered by increased gas prices in the U.S.," Zetsche said. He noted that Chrysler's strengths have been minivans, pickups and sport utility vehicles, autos not known for their fuel efficiency.

No clear front-runner has yet emerged to buy Chrysler, but Canadian auto-parts supplier Magna International Inc. reportedly has submitted a bid to buy the business for as much as $4.7 billion.

Cerberus Capital Management LLC and a consortium of investors led by Blackstone Group each have reviewed Chrysler's finances and are expected to make bids.

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Source: [url=http://www.mlive.com/newsflash/michigan/index.ssf?/base/news-43/1175679551305750.xml&storylist=newsmichigan]MLive.com[/url]
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