Kerkorian Offers $4.5 Billion for Chrysler
Thursday, April 5th, 2007 at 7:48 pmThe Tracinda Corporation, the investment arm of Kirk Kerkorian, the billionaire investor, offered today to pay $4.5 billion in cash to buy the Chrysler Group, 12 years to the month after an earlier attempt by Mr. Kerkorian to buy the company, which was instead acquired later by Daimler-Benz of Germany.
Mr. Kerkorian, who was once Chrysler’s biggest shareholder, disclosed his offer in a news release that came a day after Dieter Zetsche, the chief executive of DaimlerChrysler, acknowledged that the American carmaker it owns was for sale.
“Tracinda believes by taking a long-term approach to solving Chrysler’s problems, it can become a robust and lasting stand-alone entity,” the company said.
Mr. Kerkorian joins three other bidders for Chrysler that are said to include two private investment groups as well as Magna International, a Canadian parts supplier. None of those bidders have made their offers public, however. Click here to read the rest of this article.