Buy Chrysler For $13 Billion: JP Morgan To Formally Kick Off Auction This Week?
According to UK's The Times, JP Morgan, the US investment bank advising the German-American hybrid on the future of the 'merican side of the not-so-much a merger of equals, will "formally kick off a $13 billion auction by sending information memorandums to a number of potential suitors as early as this week." Not only is that interesting, as it completely runs contrary to everything publicly DaimlerChrysler's said on the issue, but as we're now learning " a number of interested bidders started basic due diligence on Chrysler weeks before DaimlerChrysler, its parent company, said that all options for its US car firm were being considered." We guess they mean General Motors as being one of the "interested bidders." But as The Times reported earlier this past weekend, the General ain't the only automaker interested in acquiring the 'merican side of the trans-Atlantic merger. We're also told Hyundai's interested in showing some Korean love to the Dodge, Jeep and Chrysler brands. Hmm, this whole thing is beginning to run faster and faster. Coincidentally it's also beginning to make less and less sense.