There is too much uncertainty about the future of Chrysler. This week,several private equity firms such as Blackstone and Cerberus were in the sight of negotiating with the Group. Private equity buyout? Maybe.
In China market, several indigenous auto manufacturers claimed their plan of listing in A-share market, no doubt about their plans, exact listing time is what the industry all concerned.
Hereunder are the top news this week:
Yin Mingshan: Chongqing Lifan Group plans of listing in Hong Kong this year
By Jorvan From:www.globalautosourcing.com March 07 2007
Yesterday, the chairman of the board of directors of Chongqing Lifan, said in an interview, Chongqing Lifan Group is expected to list in Hong Kong this year.
He disclosed that the reason for its listing in Hong Kong was that listing on the mainland A-share market takes longer processing time and relatively difficult for private enterprises. "There are many advantages listing in Hong Kong: the listing is of simple procedure, it could issue for several times and can return to the mainland market." With regard to the specific fund-raising scale Yin failed to disclose.
Yin said that Lifan Group plans to integrate list motorcycle industry, and it's possible to attract strategic investors. At present, the company has made contact with foreign strategic investors.
Yin Jiaxu: China Southern Automobile Industry to be listed within two years
By Jorvan From:www.globalautosourcing.com March 08 2007
China Southern Automobile Industry General Manager Yin Jiaxu said on Monday to be listed is on the companies' schedule.
The company is a large automobile manufacturing enterprise; Chongqing Chang'an Automobile Co., Ltd. is its subsidiary. (000625. SZ, Chang'an Auto for short).
Yin said that the company will choose a proper date for listing this year or in 2008. He said the company has not yet decided whether make initial public offering (IPO) on A-share market or in overseas markets. Chang'an Auto is Chinese partner of Ford Motor.
Zeng Qinghong: Guangzhou Automobile Industry Group aims for listing this year
By Ally From:www.globalautosourcing.com March 09 2007
Yesterday, Zeng Qinghong, general manager of Guangzhou Automobile Industry Group Co., Ltd has started up listing plan. Brand-new concept vehicle will be launched for the first time this year, a series of high-quality vehicles will be launched in the market before 2010.
Zeng said, "Overall vehicles sales of GAIG will reach 500,000 units this year, sales revenue were 100 billion, profit tax were 15 billion; the Group aims to achieve one million units and sales revenue of 200 billion in 2010. At that time the Group is hopefully to be listed in the first 300 of world's top 500. At present, more than 30 industries are correlating to GAIG, the total sales revenue reached 1,000 million, and the ratio of capacity to promote the economic growth of related industries is 1:6."
Chrysler execs host private-equity groups
From:Reuters March 09 2007
Top managers at the Chrysler group hosted two private-equity funds this week as the struggling automaker considers possible bids.
Representatives from the Blackstone Group on Wednesday, March 7, toured Chrysler's technical center in Auburn Hills, Mich., met with Chrysler CEO Tom LaSorda and dined with his executive team, the newspaper said.
Representatives of Cerberus Capital Management met with the automaker's top management earlier this week and got the same treatment, the newspaper said.
A Chrysler group spokesman declined to comment.
The Cerberus group was also shown several upcoming products, including the prototype for the redesigned Ram pickup due out next year.
The Blackstone contingent's two-day visit was led by Neil Simpkins, a senior managing director, the newspaper said, citing people familiar with the team. Blackstone officials will visit other Chrysler operations today before leaving, the paper said.
DaimlerChrysler said on Feb. 14 that the German company was keeping all options open for Chrysler, which lost $1.48 billion last year as sales slumped and inventories rose.
Chrysler won't be auctioned, Zetsche says
From:Reuters March 08 2007
DaimlerChrysler AG will not auction off the Chrysler group and could decide to keep the business at the end of a strategic review, CEO Dieter Zetsche told a German paper.
The possible divestment of Chrysler "will not take the form of an auction process," Zetsche was quoted as telling German paper Die Welt at the Geneva auto show in a story published today.
Two sources familiar with the situation told Reuters last month that information on Chrysler would be offered selectively to potential buyers so that DaimlerChrysler avoids an outright auction in favor of a more flexible sale process.
This left open the prospect that no bid might be strong enough to complete a deal, both sources said.
DaimlerChrysler announced last month it was examining all its options for Chrysler, whose reliance on pickups and SUVs pushed it to a loss last year amid high fuel prices.
GM has held preliminary talks with DaimlerChrysler about an acquisition of Chrysler or some kind of alliance with it, sources previously told Reuters.
Zetsche confident in recovery plan
From:FREE PRESS BUSINESS March 07 2007
DaimlerChrysler CEO Dieter Zetsche expressed confidence in the Chrysler Group's recovery plan and ability to return to profit in an interview at the auto show here early Tuesday morning, adding that the UAW's refusal to discuss health care concessions last year was one of the factors leading the automaker to consider selling its U.S. unit.
"DaimlerChrysler management and myself are totally confident in the success" of Chrysler's plan to return to profit by reducing its workforce and production capacity, Zetsche said.
"I know very well the tremendous skills of Chrysler's employees," said Zetsche, who ran Chrysler for more than five years. "I am very confident."
DaimlerChrysler considered selling some of its other business units last year, but those ideas never got far enough to go public, as Zetsche did February 14 when he said the company was considering "all options," including a sale, for Chrysler.
"We are investigating all options, including the status quo" of Chrysler remaining part of DaimlerChrysler, Zetsche said Tuesday.
Zetsche also said uncertainty about Chrysler's future reduced the company's sales last month.
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