Wednesday, November 29, 2006

Chrysler: DaimlerChrysler shareholders increasingly pushing for spin off

DaimlerChrysler, the listed German automaker, is seeing more of its shareholders voicing their preference for a Chrysler spin off, reported the National Post. Ingo Speich, a portfolio manager for DaimlerChrysler-shareholder Union Investment in Germany, was cited in the report as saying that it would be a "welcome" move if DaimlerChrysler spun off its Michigan-based Chrysler unit, whose performance is hurting its parent company financially. In the report, it was noted that DaimlerChrysler's chief executive officer Dieter Zetsche and other executives favored keeping Chrysler and fixing it up.
Chrysler recorded a loss of USD 1.47bn in the third quarter.


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