Chrysler Auctioning Begins at $13.6 Billion!

[HeilSvenska]

It's happening! And Chrysler might be cut into chunks and sold off to highest bidders! Some of those who want Chryler chunks might be GM and Hyundai, as well as come Chinese companies!

JPMorgan ready to set on £7bn auction of Chrysler in motion Christine Buckley, Steve Hawkes and Tom Bawden in New York JPMorgan, the US investment bank advising on the future of Chrysler, will formally kick off a £7 billion auction by sending information memorandums to a number of potential suitors as early as this week, The Times has learnt. The bank is to release data that include private information on Chrysler, such as figures on its current trading. It is also understood that a number of interested bidders started basic due diligence on Chrysler weeks before DaimlerChrysler, its parent company, said that all options for its US car firm were being considered. General Motors is already in preliminary talks with DaimlerChrysler about an acquisition of all or part of Chrysler but is particularly interested in its Jeep and Dodge marques. It is also thought that Hyundai, the Korean car manufacturer, is interested in joining potential bidders. Hyundai is said to be interested in securing access to Chrysler’s lucrative dealer network. A DaimlerChrysler spokesman would only reiterate chairman Dieter Zetsche’s comments last week that nothing was being excluded in an attempt to find “the best solution” for Chrysler. Dr Zetsche is cutting 13,000 jobs in America, along with 15 per cent of the dealerships in an effort to revive the US giant. A takeover by Hyundai, which makes cars under its own brand and controls Kia, would be a major achievement for American business and for the struggling Motown. Chrysler has recently broken ground by opening two factories in Europe and North America and hopes to become one of the world’s five biggest car manufacturers. It currently sits in seventh place. Hyundai already has a link with Chrysler through a three-way engine alliance with Mitsubishi and a deal would be in line with the ambitions of the chairman, Chung Mong-Koo. China’s two carmaking powerhouses, Chery and SAIC, are also thought to be eyeing developments. SAIC failed in an attempt to buy MG Rover two years ago. Banking sources close to events said last night that talks between DamilerChrysler and potential bidders for Chrysler were at any early stage. -The Times

[SPEEDKILLAR]

Good for Benz

[yg60m]

Didn't know that it was really for sale, only rumours ...

[666fast]

China’s two carmaking powerhouses, Chery and SAIC, are also thought to be eyeing developments. SAIC failed in an attempt to buy MG Rover two years ago.

I'd expect them to fail at this one too. I'm sure it'll get blocked somehow.

[TopGearNL]

Is this for real?

And if they buy it they can't change it afterall, I mean Dodge wasn't a good seller in Europe and if they are gonna change the name (Rover 75-> Roewe 750) even less people will be interested, quite sure of it...

[numerouno]

General Motors is a serious customer:

http://www.leftlanenews.com/2007/02/...uire-chrysler/

[RC45]

Originally Posted by dani_d_mas ^ hehe Didn't know Chrysler was in such a bad situation

Daimler raided it and now have no use for it

[79TA]

sigh, I wonder how this mess will turn out now.

[rave426]

This is terrible. Not because Chrysler makes great cars, cause they dont, but because there is so much history within the companies branches - mainly Dodge.

I like the Viper, I hope it wont die along with this. And for peace sake, I hope Ford doesnt go down this path. Dammit the US is turning into a sweat shop for the Japanese and European automakers. Damn our POS US domestic cars.

Everybody go and buy a Chrysler 300 SRT-8 right now!!!! Oh the madness!!!

[HeilSvenska]

More development.

GM-Chrysler deal a 50/50 chance, analyst says General Motors Corp., the world's largest automaker, stands a 50 percent chance of buying DaimlerChrysler AG's Chrysler unit and may seek the purchase as a "defensive maneuver," Merrill Lynch analyst John Murphy said today, according to Bloomberg News. "Given the transformation the U.S. industry is beginning, we would not rule out a tie-up," Murphy, who is based in New York, said in a note to investors today. "GM may view the acquisition as a defensive maneuver to box out new competition." GM and DaimlerChrysler are discussing options including a sale of the unprofitable Chrysler division, people with knowledge of the talks said Feb. 16. DaimlerChrysler said on Feb. 14 it was exploring "all options" for the Auburn Hills-based unit after Chrysler posted a $1.5 billion loss for last year. Buying Chrysler might give Detroit-based GM more leverage with the United Auto Workers union and truck-manufacturing technology that could be used in common, Murphy said. He rates GM shares a "buy" and doesn't have a recommendation for Stuttgart, Germany-based DaimlerChrysler. -The Detroit News

You know, more reports like this and GM might become convinced enough to actually consider buying Chrysler.

[acmarttin]

With the # of 300's that I see I don't understand how they're that far behind in profits...

[graywolf624]

The latest rumor is not that GM will buy Chrysler outright, but rather they will buy parts like Jeep. I think buying the whole thing would be stupid.. But buying key parts might not be a bad idea.

[nthfinity]

Originally Posted by graywolf624 The latest rumor is not that GM will buy Chrysler outright, but rather they will buy parts like Jeep. I think buying the whole thing would be stupid.. But buying key parts might not be a bad idea.

I shutter to think what GM might do to the Jeep brand

I've been shuttering at what zee Germans have been doing to the Jeep brand

[graywolf624]

^^Couldnt be any worse.

[rave426]

OH THE MADNESS!!!!

Go away GM!!