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Chrysler seeks global partners, has no comment on GM talks
GM and Chrysler's owner, Cerberus Capital Management LP, have been in preliminary talks for a month, a source familiar with the discussions told The Detroit News on Friday night. GM has previously shown interest in Chrysler and bid twice for the smaller automaker last year when its former owner, Daimler AG, put Chrysler up for sale. But the source cautioned that such discussions take place regularly among automakers and often do not lead to deals. Both GM and Chrysler are losing money and struggling in the weakest U.S. auto market in more than 15 years. Cerberus has been in talks with several automakers, including the Renault-Nissan alliance, on a range of projects and issues. Carlos Ghosn, the CEO of both Renault SA and Nissan Motor Co., has sought to add a North American partner to the alliance. Nissan will produce small cars for Chrysler as part of cooperative agreements concluded by the two companies. But Ghosn said last week that the turmoil ravaging the financial markets made merger and acquisition deals less likely, not more. 'I think that initiatives, in terms of alliances, are frozen for a very simple reason: Everyone is scared of credit crunch and cash problems,' Ghosn told reporters last week at the Paris car show. Cerberus bought 80.1 percent of Chrysler for $7.4 billion last year from Daimler, and is now negotiating the purchase of the German automaker's remaining 19.9 percent stake. Daimler CEO Dieter Zetsche confirmed talks were taking place at the Paris car show but declined to comment further. Chrysler, the most dependent of Detroit's automakers on the U.S. market, also has projects under discussion with Chinese and Russian automakers. You can reach Christine Tierney at (313) 222-1463 or ctierneydteom.