A workers representative on DaimerChrysler’s supervisory board has said that he would oppose a private equity firm acquiring Chrysler if it would lead to the break-up of the group.
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Helmut Lense, one of the 10 employee representatives on DaimlerChrysler’s 20-member supervisory board, told The Detroit News that he would prefer to see a manufacturing company, such as another vehicle manufacturer automaker, take control of Chrysler.
On the other side of the Atlantic, union leaders are reported to be also against selling Chrysler to a private equity buyer. According to the Wall Street Journal, potential buyers including component supplier Magna, and private equity firms, Centerbridge and Blackstone, have begun meeting labour leaders in the hope of breaking down opposition before bids are submitted by the end of this month.
GM has expressed an interest in acquiring DaimlerChrysler. Renault-Nissan and Hyundai have said they are not interested, but there have been some rumours that both vehicle manufacturers are keeping a close eye on the situation. Renault-Nissan’s Carlos Ghosn has said he would like a US partner to help fuel Nissan’s growth there, and Hyundai has expansion plans in the region that could be quickly realised by acquiring Chrysler.
Other private equity partners that have expressed an interest are Cerberus, which has hired former Chrysler executive Wolfgang Bernhard as an advisor, Apollo Management and Carlysle Group. Centerbridge and Blackstone appear to be working on a joint bid.
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