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U.S. markets recover from steep losses
DETROIT, April 7 (UPI) -- U.S. investor Kirk Kerkorian has differentiated his offer for Chrysler from competing bids by promising a "true partnership" between management and labor.
Kerkorian is one of four suitors for the struggling Chrysler Group, but the first to publicly name a price -- $4.5 billion -- and a strategy to woo the United Auto Workers, The Detroit Free Press said Saturday. In a statement issued Friday, Kerkorian's Los Angeles-based investment firm, Tracinda Corp., said the "only realistic plan" for Chrysler for all parties to "share equitably."
"What we are talking about is a transformation in the way risks and rewards in a large enterprise are shared," Tracinda said.
Kerkorian, who tried to take over Chrysler in 1995, had not yet met with UAW representatives.
Chrysler's German parent company, DaimlerChrysler, said in February it was examining all possibilities for the U.S. operations, including divestiture.
The other known bidders include Cerberus Capital Management, a partnership of private-equity firms Blackstone Group and Centerbridge Partners, and Magna International Inc., a Canadian auto supplier.
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