A number of big institutional investors as well as private equity firms are putting more pressure on the German-US auto giant DaimlerChrysler to sell its troubled US unit Chrysler, but a proposal at the shareholder meeting to drop Chrysler from DaimlerChrysler AG’s official name has failed.
Unions' attitude remain unchanged and they resolve against the sale of the Chrysler Group.
In the US market sales of Japanese automakers continue to gain despite declines by GM, Ford and DaimlerChrysler.
Here are the top news this week:
1.Asian link likely for Chrysler
From:freep April 02 2007
Private equity firms sniffing around the Chrysler Group could likely have an Asian partner in the wings to help take advantage of potential growth in China or India, merger and acquisition experts say.
Two big-name firms -- Blackstone Group and Cerberus Capital Management -- have been reviewing Chrysler's finances in preparation of potential bids, which are supposedly due at the end of this week or soon after.
2.Toyota's Sales Jump While GM, Ford Fall
From:latimes April 04 2007
The best monthly sales performance ever for Toyota and gains by fellow Japanese automakers Honda and Nissan helped the industry in March top last year's best month for U.S. sales despite declines by GM, Ford and DaimlerChrysler.
Toyota's U.S. sales jumped 11.7 percent in March compared with a year ago, boosted by record hybrid sales and strong overall car sales. Industrywide, light vehicle sales by major automakers rose 0.8 percent to 1.54 million, Autodata Corp. said Tuesday.
The overall rise in U.S. sales came despite GM and DaimlerChrysler's sales falling about 4 percent each, and Ford posting a 9 percent drop. Ford still held off Toyota for the No. 2 U.S. sales spot for the month, and Ford regained from GM the claim to having the nation's top-selling pickup truck, even though F-series sales fell 15.1 percent.
3.Union leaders brainstorm on stopping Chrysler sale
From:freep April 04 2007
Canadian, European and U.S. union leaders plan to meet this evening in Berlin to discuss their resolve against the sale of the Chrysler Group.
4.DaimlerChrysler under growing pressure to sell Chrysler
From:Agence-France-Presse April 05 2007
A number of big institutional investors are turning up the pressure on German-US auto giant DaimlerChrysler to sell its troubled US unit Chrysler, the business daily Handelsblatt reported on Monday.
Among the investors, the powerful Union Investment fund and SEB, are to demand from DaimlerChrysler chief Dieter Zetsche at the car maker's annual general meeting this week a clear commitment to sell the loss-making unit.
"Under the current conditions, we believe it would make sense to spin-off Chrysler, since the market environment in the US will prove to be very difficult in the future," Union Investment fund manager Ingo Speich told the newspaper.
5.Name-change proposal fails at DCX shareholder meeting
From:freep April 05 2007
A proposal to drop Chrysler from DaimlerChrysler AG’s official name failed to garner enough votes from shareholders to pass late this evening.
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