The Times: GM has no more plans to bid for Chrysler

The Times: GM has no more plans to bid for Chrysler

The Times has reported in a news item that the world’s largest automaker General Motors will not make a first-round bid for DaimlerChrysler’s Chrysler unit.

This means that only the private equity firms and an auto parts supplier are likely to be in the running. The report cited unnamed sources that the company felt that they had no need for the extra capacity.

The Times further stated that the proposals for a possible bid were due to be submitted to U.S. investment bank JPMorgan Chase. None of the involved companies have commented on this rumor.

Canadian auto parts supplier Magna International is said to be one of the parties which is interested in bidding for Chrysler.

Also rumored to be in the fray are Cerberus Capital Management and a combination of Blackstone Group and Centerbridge.