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Chrysler hopes to resolve sale quickly

March 21, 2007 at 7:32 PM   |   Comments

NAPLES, Fla., March 21 (UPI) -- Chrysler Group Chief Executive Tom LaSorda told dealers in a Florida meeting Wednesday the decision to sell or not sell the company would be resolved soon.

"He assured us that it wouldn't drag on," a dealer at the meeting told The Wall Street Journal.

Chrysler parent DaimlerChrysler AG hopes to have initial proposals by the end of this month, just before the German company's April 4 general shareholder's meeting, the newspaper said.

Private-equity firms Cerberus Capital Management and a group led by Blackstone Group and Centerbridge Partners LP have begun studying Chrysler, the newspaper said.

Canadian auto supplier Magna International Inc. also is interested in Chrysler, other reports have said.

DaimlerChrysler Chief Executive Dieter Zetsche said Feb. 14 all options for Chrysler were open, including a sale.

Separately, Chrysler said Wednesday it would cut 635 additional jobs at two plants in Fenton, Mo., near St. Louis, in addition to the 1,300 announced Feb. 14.

The additional cuts are intended to improve plant efficiencies, a Chrysler spokeswoman said.

© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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