Blackstone Group LP and Centerbridge Capital Partners LLC of New York were to submit their combined bid as early as Friday, The Detroit News reported. Its value would be determined after due diligence is completed. A Chrysler sale could bring as much as $6 billion, analysts have said. Daimler-Benz AG bought Chrysler Corp. for $36 billion in 1986. Magna International Inc. of Aurora, Ontario, was also planning to bid, the newspaper said.
All bids likely will be received by DaimlerChrysler investment banker JPMorgan Chase before the German automaker convenes its annual shareholders meeting in Berlin Wednesday. „Anything can happen,” University of Chicago GraduateSchool of Business finance Professor Stephen Kaplan said. „They could pick an exclusive bidder, or send everybody back because the bids are too low.” General Motors Corp., which made its own offer for Chrysler in January, is poised to do a deal if the other bids fall short of DaimlerChrysler`s expectations, the newspaper said. (news.monstersandcritics.com)
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