DaimlerChrysler AG is expected to narrow the list of bidders for Chrysler to one or two finalists very soon, possibly in the next few days ahead of the April 4 annual shareholders meeting, Detroit Free Press newspaper said, citing people familiar with the talks. Once that happens, due diligence and negotiations that would perhaps last for months will follow to hammer out details and the sale price, it added. It said what is all but certain at this point is DaimlerChrysler (nyse: DCX - news - people ) will sell all or part of the Auburn-Hills-based US operations as Daimler's stock price has shot up more than 25 pct since Feb 14.
Auto Unions Plan United Front On Plans for Chrysler's Future
By Gina Chon
As potential buyers prepare to submit bids for the Chrysler Group, the unions of the United Auto Workers and the Canadian Auto Workers agreed Thursday to work together to present a united front.
In the final hours before potential buyers must submit bids to DaimlerChrysler (DCX) for its ailing Chrysler Group unit, private equity group Cerberus Capital Management has decided to go it alone, instead of bidding together with Canadian auto supplier Magna International (MGA), sources close to Cerberus and Magna say. Sources say the two sides couldn't come to terms on how they would structure a deal, and that Magna Chairman Frank Stronach wanted more control over a transaction than Cerberus would permit.
Meanwhile, Magna, which has a front seat at the bidding table, is interested in a minority stake in Chrysler and is teaming up with a private equity player. KeyBanc Capital Markets analyst Brett Hoselton said earlier this week that Magna has picked a private equity partner, and a source close to Magna says the company is linked with New York-based Ripplewood Holdings. Many industry watchers have questioned whether a bid from Magna makes sense. While the company has experience running car plants, it has not engineered complete models and taken them to market.
14Falcons ......... Pesonally I'm not so sure that Magna really has the intestitude to pull of a successful bid for Chrysler. Let alone run the manufacturer as a growing and profitable concern. I think more than anything else the publicity obtained from such an exercise will just stand it in good stead for the next time it makes a bid of some magnitude. But from where I sit it looks to me as nothing more than a publicity exercise. I'll wait to see what materializes as I'm somewhat surprised that none of the other major LBO specialists have stepped up to the plate and showed their faces. But since that hasn't happened it'd lead me to suspect that they don't see an asset of any true value in the Chrysler name. The company as a sperate unit is beset by problems on all fronts and has cost its parent company billions since that supposed 'merger of equals'. Dieter Zietsche really did bite of more than he could chew on this one didn't he ? That's what happens when at times you're either sold or buy a 'bill of goods' ! The devil's in the terms that you made the purchase under. Some you win and then there's some that you lose ! On this one Dr Zietsche lost a helluva' lot and he's still countin' !
rampant/tophatal ............
Last edited by rampantfanatic on March 31st at 12:16 AM.
That's the reason I am calling my attorney to set up a purchasing contract for a business I am buying. The owner wanted me to put my name on something that didn't describe anything. I want us to be clear on what I am buying and what the terms are.
14Falcons .......... Just make sure that it's an attorney that's worth his salt and knows exactly what he's doing on your behalf.
You don't want ever to be sold a 'bill of goods' under any circumstance. Good luck on the new business venture !
He was recommended to me by a friend who is a loan officer and has already set up a LLC for me. This is a small venture. But my friend that is a realtor recommended I use an attorney so I am. Thanks.
14Falcons .....Like I said the best of luck to you on your venture. It'll be tough in those first few months if not years. But once you're over that hump then it'll be all uphill from there.
Good to see that Jimmy Johnson is maintaining that early season form. It hasn't been too bad either for teammate Jeff Gordon. It's great to see that the 'Maestro is back with a vengeance.
Actually, ultimately this business should pretty much run itself. In fact I plan to keep existing employees and wade in slowly. Ideally this will be something I do on the side if I can find an engineering job locally.
14Falcons ......... Just go for it ! I hope that the family is 100 % behind you on this one ? As they'll be there for you even when things are known to get tough. Before moving up from South Florida , myself and two partners had set up our own logistics company transporting medical supplies and various other goods well as an intra state courier service. Then when things started to go awry I had to back away as there was a belief that one partner wasn't pulling his weight. I sold out my equity in the business and really don't know how they're doing now. There was a great deal of animosity when I told them I was moving on as I couldn't deal with all the in fighting and lack of trust to do what was right for the business. I haven't looked back since and am happy with the decision I made.
14Falcons .......... Hopefully you'll be on your way to your first million within a couple of years ? Regards and all the best ..........rampant/tophatal .... !
14Falcons .......... You gotta' think big !
How d'ya think Trump started ? Certainly not by thinking small. But then with a hairdo like that you'd want something for the public to observe as to not to overlook his obvious personality flaws.
Well, O.K.,. $100,000 grand isn't quite truthful anyway. How about 1/2 million? But it'll take another business in addition to this first one to put much of a dent in that. Especially with the two years stipulation. That's not real realistic. But thanks for the confidence you have in me. I need that.
That's half the situation resolved amlost there and then. If you don't have confidence in your own abilities how can one expect that the customers will have confidence in you ? You'll go out and there and sell yourself and the service that you're supplying to meet their needs. That above all one should assume that business is all about. With the right sort of service generated you'll get the reciprocal and repeat business coming to you in droves.
It is a service business actually and I do believe I am made for sales. So I am excited about this small step to begin a business career working for myself and growing capital instead of working for a salary for someone else. While I am having to take a step back right now, eventually I believe this will be for the best. The current owner sent the "Intent to Sell" form to the franchise today.
14Falcons ..... That's good ! And no doubt the family and friends are 100 % behind you on this one ? It certainly is a pity that what was once seen as American ingenuity is now coming to past as foreign manufacturers such as the Japanese make serious inroads ino the domestic car market as well as certain other industrial fields. We're being told that we're still competitive and producing more as the economy is growing each year. Certainly it's growing but in realtio to what ? Whilst the economy here grows at roughly 2% per year we've countries far afield that've now got near double digit growth. Our expeorts are diminishing in relative value whilst imports are burgeoning at untold lengths. All the while leaving us in a near precarious situation. For this administration it's about the war on terror. But I'd rather it be about dealing with the real issues that are at our doorsteps and the problems that many of us are facing each day.
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