With private-equity investors reported to be hungry for the prize, DaimlerChrysler could net up to 9 billion euros for the sale of its US division Chrysler, a German newspaper said Saturday. Welt am Sonntag, releasing news to appear in its Sunday edition, quoted sources close to the negotiations as saying the sale could yield 'between 6 billion and 9 billion dollars,' well ahead of earlier estimates. The Goldman Sachs investment bank had earlier forecast bids would top out at around 6 billion euros. Private-equity firm Cerberus Capital Management lodged a bid for Chrysler on Friday, the newspaper said. Cerberus was reported to see the key value in Chrysler's financial services division.
Mike Skinner started on the pole and stayed out front virtually all day at Martinsville Speedway on Saturday, leading all but seven of 253 laps to win his third consecutive NASCAR Craftsman Truck Series race. Coming off victories at California and Atlanta, Skinner set a series record by leading 246 laps and won for the 22nd time in his career. He became only the second driver in the series to win twice on the small, tight oval at Martinsville. "This was about as good as it gets right here," he said in Victory Lane.
Skinner beat Todd Bodine to the finish by 0.527 seconds after the 15th caution of the race brought about a two-lap dash to the finish in overtime. In all, the race went 253 laps, and 85 of them were run under a yellow flag because of numerous accidents. Each restart, however, only reinforced that Skinner's Toyota was the truck to beat. Series champion Bodine ran second in another Toyota, but never really challenged for the lead. "His truck was just incredibly strong the whole race," Bodine said. Skinner grew weary of the cautions, but appreciative of Bodine's style.
Mike Skinner had just secured the victory when his crew chief, Jeff Hensley, boomed over the radio: "We're going for No. 4 at Kansas." No rest for the dominating.
The win is Skinner's 22nd of his career. Ironically, Bodine was the last series driver to win three in a row, in the final three races of 2005. "That was cool, wasn't it? The thing just hauled butt all day," said Skinner, who leads the series standings by 94 points over Bodine. "I remember a couple years ago these Toyotas wouldn't run on short race tracks."
The only time Skinner didn't lead was during pit stops early. Even when Bodine used pit strategy to get better track position, he moved into second but couldn't close on Skinner.
Three things have merged resulting in this blog. First, my insomnia (no I haven't slept yet), second, the Craftsman Truck series is in action again this weekend (remember I am a Dodge Racing fan when it comes to the trucks) and third one of my earlier blogs on the situation with Chrysler flared to life again yesterday. So here is an update on Chrysler from last week's news reports.
Union leaders on both sides of the Atlantic are vowing to fight a sale of DaimlerChrysler AG's Chrysler Group to a private-equity buyer, throwing a potential hurdle in front of a deal.
By Richard Milne in Munich and John Reed in London
Wolfgang Bernhard, the restructuring expert who helped to turn around Chrysler five years ago, has signed an advisory contract with Cerberus Capital Management, signficantly strengthening the private equity group's hand in the bidding for the US carmaker. Mr Bernhard, who was chief operating officer at Chrysler, signed the contract for a full-time role recently, according to several people familiar with the situation. The advisory mandate further helps the chances of Cerberus, already one of the favourites to buy Chrysler from DaimlerChrysler, its German parent.
Daimler has received preliminary expressions of interest from several other private equity funds since announcing that "all options" were open for its loss-making US unit in mid-February. General Motors has studied the possibility of co-operation with Chrysler and Magna International, the Canadian auto parts and assembly company, has expressed interest in the potential sale. Cerberus is increasingly active in the automotive sector. It last year led a group buying 51 per cent of GMAC, GM's financing arm and is also part o####roup seeking to buy Delphi, the bankrupt parts supplier. With potential investors like Cerberus and the Blackstone Group becoming increasingly interested in Chrysler, some bankers involved in the process believe a sale to private equity is likelier than to a competitor.
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