DaimlerChrysler shares soar after Kerkorian offer

By From newagebd| Apr 12 2007
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Shares in DaimlerChrysler soared on Tuesday after billionaire investor Kirk Kerkorian investment group offered 4.5 billion dollars (3.3 billion euros) in cash to buy its struggling Chrysler unit.

In early morning trading, shares in the German car group showed a gain of 3.37 per cent to 62.22 euros in a broadly higher market.
Kerkorian personal holding company Tracinda Corp. said last Thursday the offer would aim to build and strengthen Chrysler as an independent entity. The casino mogul, who failed in his 1995 hostile takeover bid of Chrysler, indicated his firm would offer an equity partnership to the United Auto Workers and senior management of Chrysler as a means of gaining their commitment to his long-term solution.

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