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Posted on 04/05/2007 12:42:59 PM PDT by kellynla
DETROIT —
Billionaire investor Kirk Kerkorian's Tracinda Corp. on Thursday made a $4.5 billion cash offer for DaimlerChrysler AG's (DCX) troubled U.S.-based Chrysler unit.
Tracinda in a statement said it wants "to build and strengthen" the troubled automaker and "will offer the UAW and Chrysler management the opportunity to participate as equity partners in the transaction."
DaimlerChrysler has been exploring the possibility of selling the Chrysler division.
Han Tjan, head of corporate communications for DaimlerChrysler in New York, said the German-American automaker is talking with possible partners about a sale and that the chairman is satisfied with the process.
"All of our options are still open. For us to talk about (Tracinda) is speculation," Tjan said.
California-based Tracinda said its offer is subject to Chrysler reaching a new collective bargaining agreement with the United Auto Workers as well as a deal with DaimlerChrysler on sharing the unfunded pension liabilities and health care costs of Chrysler retirees.
DaimlerChrysler shares climbed $2.36, or 2.9 percent, to $83.35 on the New York Stock Exchange after the announcement.
Kerkorian long has had interest in automotive companies.
Late last year he dumped the last block of what once was a nearly 10 percent share of General Motors Corp., the world's largest automaker, after GM (GM) shelved the idea he had pushed of an alliance with France's Renault SA and Japan's Nissan Motor Co.
Kerkorian's wholly owned Tracinda was Chrysler Corp.'s largest shareholder at the time of its 1998 merger with DaimlerBenz AG. Kerkorian sued the combined company in 2000, claiming that DaimlerBenz engineered a takeover of Chrysler, then cheated him out of billions by casting the deal as a merger of equals. A federal judge rejected his claim.
(Excerpt) Read more at foxnews.com ...
He must need a Tax Write-off!..........
Didn’t Lee Iacooca save Chryslers butt a few years back? How many saves do these guys get?
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This is good news, i work on all kinds of cars and Chrysler makes some good machines. They deserve support.
LOL. Who deserves support and how much is for the free market to decide. People vote with their feet and money.
What’s going on here is that Kerkorian sees value somewhere within the company.
What's the point of selling if you have to keep the primary liabilities.
I love my Chrysler 300 and hope they keep that one around for a long time. Somewhere I read that it won more awards than any other car in its class or something and I can see why. It’s one car Chrysler did right, imo.
I hadn’t owned an American car in years but saw that 300 and loved it and took a chance. I’ve been glad ever since.
Actually I like several of the MOPAR products including the 300C, Magnum, JEEP, Viper & RAM!(especially if they have a HEMI or V10!)
They are all hybrids...they burn gas & rubber! LOL
I guess a mechanic would consider Chryslers good. They would keep the money flowing in.
I rented a 300C in MEM last week. Reeeeely nice ride!
Is Kirk Kerkorian simply using Chrysler for his own “penny-stock” market manipulation? Back in the 1990’s he offered a LOT more money, and got turned down then. Now he is trying to get Chrysler for fire-sale prices.
I have a Ram 1500. It just burns gas.........and money.......
What is MEM?
Memphis
He beat my bid by just a few pennies........
Are we sure it was not Kevorkian with the poison?
Not exactly what I had in mind. LOL
But does it have a HEMI? :-]
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