Yeah,but don`t expect Chrysler to be the lone pillar
standing when the DC corporate building crumbles.:>(
--- "Steven St.Laurent" <saint1958@home.com> wrote:
> Schrempp days are numbered and so is DC.
> Bahhahahahahaha
>
>
----------------------------------------------------------------------------
> -------
> February 2, 2001
>
> BY DAN STETS, SILJE SKOGSTAD and
> RETO GREGORIC
> BLOOMBERG NEWS
>
> FRANKFURT -- DaimlerChrysler AG,
> whose
> shares have fallen 25 percent
> over the last year, has
> lost the confidence of its major
> shareholders,
> investors said.
>
> Deutsche Bank AG, the
> automaker's biggest owner,
> is helping DaimlerChrysler
> prepare a takeover defense
> and boost its share price,
> the bank's chief executive,
> Rolf Breuer, said. Kirk
> Kerkorian, the third-largest
> investor, sued the company in
> November, claiming it
> lied when it bought Chrysler
> Corp.
>
> "Deutsche Bank can't be happy
> with the share
> price," said Christoph Schmidt,
> who helps manage
> 3.5 billion deutsche marks ($1.7
> billion) at Alte
> Leipziger Trust, which has
> DaimlerChrysler shares.
> CEO Juergen: "'Schrempp's days
> are probably
> numbered."
>
> Schrempp's strategy of turning
> the former
> Daimler-Benz AG into one of the
> world's biggest
> carmakers through acquisitions is
> faltering, investors
> said. Chrysler, purchased in 1998
> for $35 billion,
> lost about $1.75 billion in the
> second half of last
> year, and said Monday it was
> eliminating 26,000
> jobs.
>
> Christoph Walther, the world's
> No. 5 carmaker's
> chief spokesman, yesterday denied
> a Reuters report
> that DaimlerChrysler had hired
> Deutsche Bank
> along with J.P. Morgan Chase &
> Co. to work on an
> anti-takeover strategy or that it
> needed one. He said
> a takeover of the company was
> "not an issue."
> Walther today declined to
> comment.
>
> "We have been hired to work out a
> defense
> strategy," Breuer told
> journalists at a Frankfurt
> briefing today. "There's no sign
> that would suggest
> we need such a strategy now, but
> DaimlerChrysler's
> low share price can give people
> ideas."
>
> Kerkorian, who filed suit in U.S.
> District Court in
> Wilmington, Delaware, seeking $9
> billion in
> damages and the breakup of the
> company, said
> Schrempp lied to win support for
> its Chrysler
> acquisition, billing it as "a
> merger of equals," while
> Daimler really viewed it as a
> takeover.
>
> Deutsche Bank
>
> The Deutsche Bank CEO came to
> Schrempp's
> defense after Kerkorian filed his
> suit. "Breuer has
> said he believes
> DaimlerChrysler's management will
> solve the problems at Chrysler
> and we stand by
> that," said Deutsche Bank
> spokesman Ronald
> Weichert on Nov. 28.
>
> On Nov. 17, after Schrempp fired
> Chrysler CEO
> James Holden and named Dieter
> Zetsche as his
> replacement, Breuer also defended
> management.
>
> "The fall of the share price
> doesn't make us happy
> as a shareholder," Breuer said.
> "Still, the merger was
> the right step and I'm sure that
> the management will
> be able to overcome their
> problems."
>
> Breuer today also said Goldman
> Sachs Group Inc.,
> which advised on the creation of
> DaimlerChrysler,
> isn't part of the current
> mandate. He didn't
> elaborate. Deutsche Bank owns
> about 12 percent of
> DaimlerChrysler.
>
> Kerkorian-Like Move
>
> Kerkorian, who had previously
> tried to take over
> the old Chrysler, has since sold
> about half of 33
> million shares in
> DaimlerChrysler. Analysts said a
> takeover of the German carmaker
> appears unlikely,
> adding that any bid mostly likely
> would be raised by
> an investor such as Kerkorian.
>
> "The only real possibility is a
> raider who could raise
> $50 billion and then split up the
> company," said Falk
> Frey, an analyst at Bank Julius
> Baer. "But it's a
> pretty big risk for the raider."
>
> He added the company itself
> didn't have many
> options. It couldn't afford a
> share buyback, since it
> needed cash for Chrysler and
> creating a new holding
> structure might increase the
> transparency of the
> company, though it wouldn't add
> value.
>
> In its annual filing with the
> Securities and Exchange
> Commission, DaimlerChrysler said
> it doesn't have
> any formal anti-takeover
> protection in its articles of
> incorporation.
>
> "There are no provisions in the
> articles that would
> have an effect of delaying,
> deferring or preventing a
> change of control of
> DaimlerChrysler and that would
> only operate with respect to a
> merger, acquisition or
> corporate restructuring involving
> it or any of its
> subsidiaries," the report says.
>
> DaimlerChrysler fell as much as
> 0.71 euro, or 1.4
> percent, to 50.34 euros in
> Frankfurt. Its U.S. shares
> were unchanged in New York.
>
>
>
> --------------------------------------
> Steven St.Laurent
> 2000 Dakota Hemi 4.7 (WRECKED!!)
>
=== message truncated ===
=====
Steve Preston 1999 Dakota Sport 3.9V6,4x4,3.92 Anti-spin,42RE auto,Intense Blue,regular cab.
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