AUBURN HILLS, Mich., Feb. 19 (UPI) -- Germany's DaimlerChrysler AG is preparing to sell or spin off its troubled U.S. Chrysler Group, two published reports said Monday.
One of the reports said talks to have General Motors Corp. buy Chrysler and fold its operations into GM are serious.
DaimlerChrysler has received several expressions of interest for Chrysler since saying last week it was considering all options to turn around the money-losing operation, The Wall Street Journal reported.
At least some DaimlerChrysler executives are determined to sell Chrysler or spin it off to existing shareholders rather than restructure it again, the newspaper said.
The Detroit News made a stronger statement, saying DaimlerChrysler was "intent on dissolving the 1998 merger that brought together the former Daimler-Benz AG and Chrysler Corp."
The Stuttgart, Germany, automaker has been talking with GM for two months about having the No. 1 U.S. automaker buy Chrysler, the News reported.
GM is interested in Chrysler's revenue, production volume and brands, and a purchase would cut duplicate labor costs, management and overhead, the newspaper said.
Financial analysts have said Chrysler is worth about $5 billion. It was valued at about $35 billion in the 1998 merger that formed DaimlerChrysler.
