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Technology Stocks : DaimlerChrysler DAJ DCX -- Ignore unavailable to you. Want to Upgrade?

To: Don Green who wrote (7)	5/14/2007 2:17:58 PM
From: Jim McMannis	Respond to of 10

Is there a per share price to the shareholders yet?

To: Don Green who wrote (7)	5/14/2007 2:19:51 PM
From: Jim McMannis	Respond to of 10

news.yahoo.com CAW seeks guarantee from Cerberus 1 hour, 7 minutes ago DETROIT (Reuters) - The Canadian Auto Workers (CAW) union said on Monday it would seek a written guarantee from Cerberus Capital Management that no jobs would be cut at Chrysler Group factories in Canada through the term of the current contract. Cerberus said on Monday it would buy an 80.1-percent stake of DaimlerChrysler's Chrysler Group for $7.4 billion. CAW President Buzz Hargrove told reporters the union's message to Chrysler's new majority owners would be "not one job (lost) as a result of this new ownership structure." The CAW's contract with Chrysler expires in September 2008. The union represents about 10,000 workers at Chrysler factories in Canada. Hargrove said he would meet in Detroit on Tuesday with Chrysler Chief Executive Tom LaSorda and representatives of Cerberus. The prospect of a private equity firm controlling Chrysler, which is in the midst of cutting 13,000 jobs, had concerned the automaker's unions. Ron Gettelfinger, president of the United Auto Workers and a member of DaimlerChrysler's supervisory board, endorsed the Cerberus deal in a statement on Monday. He had initially opposed selling the automaker. The UAW represents about 50,000 Chrysler workers and faces contract negotiations with Chrysler and its Detroit-based competitors this summer to replace a four-year contract due to expire in September. Hargrove said the CAW had not met with Cerberus representatives, although the union had held talks with other bidders including Canadian parts supplier Magna International and two private equity firms that he declined to name. Hargrove said the Canadian union preferred the Magna bid since it would have kept Chrysler with an established auto industry player and away from financial investors with a record for "cutting and slashing." But Hargrove, who spoke with LaSorda on Monday, said he was told the Magna bid was valued some $2 billion lower than the Cerberus bid. Hargrove cautioned that Chrysler and other Detroit-based automakers would no longer be able to cut costs through voluntary retirements and buyouts as they have in the past. "This is not the end for Chrysler. It is not the end for GM or Ford. There is a lot of turmoil ahead," Hargrove said. "The next round of cuts in any of these companies is going to be massive layoffs."