General Motors will not be submitting a first-round bid for Chrysler this week but may enter the sale process later, people close to DaimlerChrysler’s sale of its lossmaking US unit say. Bids worth $4bn-$6bn are expected to be submitted by Friday to JPMorgan Chase, which is advising DaimlerChrysler on the sale, from at least three private equity groups and Magna International, the Canadian automotive parts and vehicle assembly concern. GM is not likely to be involved in the first round, but could enter the process as soon as next month after expected bids from Cerberus Capital Management and the Blackstone Group in a consortium with Centerbridge Partners. Ripplewood Holdings may also bid.

This entry was posted by Gwen Robinson on Thursday, March 29th, 2007 at 5:45 and is filed under Capital markets, M&A, Private equity. Tagged with blackstone, centerbridge, cerberus, daimlerchrysler, gm, magna, ripplewood. Edit this entry.