WSJ: United Auto Workers considering bidding for Chrysler

WSJ: United Auto Workers considering bidding for Chrysler

News media group Wall Street Journal has reported that the United Auto Workers (UAW) union is now considering putting in a bid for the DaimlerChrysler’s Chrysler division in return for cost concessions.

Chrysler is struggling in the US market as they face intense competition from Japanese automakers. DaimlerChrysler has said that they are looking for potential offers for this company.

The report stated that this proposal was put forward by a small group of workers. They could entail swapping cuts in healthcare benefits and other cost concessions for the stake in Chrysler.

Some of the parties said to be interested in acquiring Chrysler are private equity firms Cerberus Capital Management, Blackstone Group and Canadian auto parts maker Magna International Inc.

Billionaire investor Kirk Kerkorian has already submitted his bid for $4.5 billion. DaimlerChrysler has not shown much interest in this offer.