Volkswagen Says No to Chrysler
The German auto brand announced that they are not interested in buying the 5th largest automaker in the US. The Volkswagen spokeswoman Christine Ritz says they will not buy the DCX if ever it will be put up for sale. Volkswagen was the last carmaker to decline.
Even the two Asian car brands Renault-Nissan and Hyundai also refused to buy the US cash-craving auto maker. Although the Chrysler released a statement that their table is open for options for its US division, it has also been revealed that they are also planning to give details of their financial information on Chrysler’s selective buyer as reported last week.
Apollo Management, the Blackstone Group, Carlyle Group and Cerberus Capital Management were the four private equities that are interested to buy the Chrysler brand and this is according to the report last Friday in the Financial Times newspaper. DaimlerChrysler are citing some European unnamed people that are interested to buy the group.
We are all aware that the US domestic car maker has undergone 13.000 job cuts just recently. This was due to the decline on their sales up to 7% plus their operating loss of 1.12 billion euros ($1.47 billion) for the year, compared to a profit of 1.53 billion euros in 2005.
According to the critics, no matter how excellent the Chrysler parts are on their cars, US car buyers still want cars that fit their changing tastes. I just hope the Chrysler is aware of that very fact.
