Hedge funds look at Chrysler
David Barkholz | Automotive News / February 26, 2007 - 1:00 am
Apollo Management LP, the Blackstone Group, the Carlyle Group and Cerberus Capital Management LP have been contacted about their interest in buying the Chrysler group, the Financial Times reported last week.
The investment groups aren't talking. But an influential player among hedge funds, Wilbur Ross, said he'll sit this one out. Ross, who is rolling up Lear Corp.'s interior-trim business along with other parts-making operations, sees a conflict of owning a carmaker on the one hand and trying to sell parts to its competitors on the other.
"It would be inconsistent for us to be both a supplier to all OEMs and the lead investor in Chrysler," Ross said in an e-mail response to questions last week.
Chrysler declined to comment.
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