Powerful German trade union IG Metall is against DaimlerChrysler selling Chrysler to a private equity buyer, a regional union leader has told a German newspaper.
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“We don’t have any interest in seeing Chrysler sold to a locust,” Joerg Hofmann, the IG Metall head in German state Baden-Wuerttemberg, told the Berliner Zeitung, according to Reuters.
“There should be a solution for our colleagues in the US which benefits the Chrysler brand,” Hofmann was reported to have said. “A purely financial investment with the aim of making a quick buck doesn’t do much in this respect.”
The term locust refers to a comment about foreign investors made by a key German politician in 2005, Reuters noted.
Private equity firms Cerberus, Blackstone Group and Magna have emerged as the leading candidates to buy Chrysler, people familiar with the matter have told Reuters.
