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Chrysler sale prospectus to be ready soon, source says

From Reuters| February 25 , 2007

A "very detailed" sales prospectus for the Chrysler group will be ready for potential buyers of the automaker soon, a source close to the process said today.

Private equity firms are expected to be among the potential bidders for the Chrysler group, the source said.

But information on the Chrysler group will be offered selectively to potential buyers as parent company DaimlerChrysler AG avoids an outright auction in favor of a more flexible sale process that leaves open the prospect that no bid may be strong enough to complete a deal, the person said.

At least four private equity groups have been in preliminary talks with DaimlerChrysler about buying the Chrysler group, the Financial Times reported today on its Web site.

Apollo Management LP, the Blackstone Group, the Carlyle Group, and Cerberus Capital Management LP, as well as several European firms, were contacted about their potential interest in buying the company's loss-making U.S. arm, the paper said, citing people familiar with the matter.

The buyout firms were contacted before last week's announcement by DaimlerChrysler that "all options are on the table" for the unit, the paper said, adding that the discussions continued after the announcement.

In New York Apollo, Blackstone, Carlyle and Cerberus could not immediately be reached.

Meanwhile, Volkswagen AG has no interest in acquiring the Chrysler group or expanding cooperation accords, a VW spokeswoman said today.

"There is no such consideration here," she said.

VW joins a growing list of companies to rule themselves out as a strategic partner for the Chrysler group.

Hyundai Motor Co. Ltd., Mitsubishi Motors Corp., Fiat and the alliance between Renault SA and Nissan Motor Co. Ltd. have all rejected a tie-up.

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