Car giant Daimler-Chrysler is expected to become Daimler(-Benz?) again in May.
Reuters is reporting that UAW President Ron Gettelfinger told reporters on Wednesday that ”the UAW was opposed to any bid from strip-and-flip investors”.
“I am very concerned about equity companies moving more and more into the industry,” he said. “They are hovering overhead right now.”
In related news
FRANKFURT (Reuters) - The United Auto Workers (UAW) union is considering a proposal to seek a majority stake in DaimlerChrysler’s (DCXGn.DE) Chrysler Group in return for cost concessions, the Wall Street Journal reported on Friday.
Fortune Magazine’s interview with Lee Iacoca, former chairman and CEO of Chrysler also reveals a reluctant stance on private-equity funds. As for the why the merger failed:
There were no synergies. None. And culturally the Germans operated differently than the Americans. Chrysler was like a renegade outfit compared to them. It was emotional when Chrysler sold out to the Germans. It’s extra-emotional now that the Germans are selling - they’re throwing us to the curb, in effect.