US union chief vows to fight sale of Chrysler |
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Published
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Wed, 18 Apr 2007 19:20
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LONDON (Thomson Financial) - The powerful president of the United Auto Workers union has vowed to fight the sale of DaimlerChrysler's loss-making US unit.'We are going to do our very best to keep Chrysler under DaimlerChrysler,' UAW chief Ron Gettelfinger told reporters.'I personally think there is a lot of value in keeping it together right now.'This was the first time Gettelfinger has publicly said he was prepared to fight the sale first proposed in February when chief executive officer Dieter Zetsche said 'all options are on the table' when it came to restructuring the Chrysler unit.Since then, billionaire Kirk Kerkorian, Canadian auto parts supplier Magna and two investment firms, Cerberus, and Blackstone and Centerbridge, have expressed interest in buying the Chrysler group.Gettelfinger described the equity firms hovering around Chrysler as 'strip and flip artists' and said he had 'some concerns about these equity companies coming into the industry.'Gettelfinger confirmed he has been approached by various potential buyers but after listening to their proposals he said he was 'focused on the opportunity to get back and talk to the supervisory board and make the case for keeping Chrysler in the DaimlerChrysler family.'Despite a series of restructuring plans, Chrysler posted an operating loss of 1.12 bln eur (1.5 bln usd) last year as consumers shied away from the fuel-hungry trucks and sports utility vehicles that had dominated its offerings.tf.TFN-Europe_newsdesk@thomson.comafp/rwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Blackstone, Cerberus make formal bids for Chrysler - report 