DaimlerChrysler Board Member Opposes Possible Chrysler Breakup
Saturday, March 17th 2007, 3:28 pm
By: News On 6
AUBURN HILLS, Mich. (AP) _ A member of DaimlerChrysler AG's supervisory board said he would oppose a deal leading to a breakup of the Chrysler Group, the company's troubled U.S. arm.
Helmut Lense, one of the 10 employee representatives on DaimlerChrysler's 20-member supervisory board, told The Detroit News that he would prefer to see a manufacturing company, such as another automaker, take control of Chrysler in the event of a sale, the newspaper reported Saturday.
``We wouldn't support a solution such as a private equity firm that would cut out choice bits,'' said Lense, chief employee representative of a plant in Stuttgart that builds engines, suspensions and transmissions.
The core functions of the supervisory board include the monitoring of executive management and the approval of important corporate decisions.
DaimlerChrysler Chief Executive Dieter Zetsche first floated the idea of a Chrysler sale. On Feb. 14, he said that all options were open for the U.S. operations and he would not rule out a sale.
But Zetsche has said that it also is possible that Chrysler could remain part of the German company.
General Motors Corp., Canadian auto parts maker Magna International Inc. and several private equity firms all reportedly have looked into buying all or part of Chrysler.