Chrysler opens its books to takeover specialist Cereberus Capital

Once ranked among the ''big 3'' US automakers, has opened its books for an in-depth look at its finances to buyout specialists Cerberus Capital Management, making it the first potential Wall Street bidder to gain access to the beleaguered firm, reports the Detroit News

The report also said private equity firm Blackstone Group was meeting with the Chrysler management later in the week. Four private equity groups have been linked to a potential bid for Chrysler, along with General Motors, which is believed to have suggested a share-swap acquisition.

Last month, Dieter Zetsche, CEO, DaimlerChrysler, had said that "all options were open" for Chrysler, its US arm.

Chrysler is in the process of cutting 13,000 jobs and closing some plants in an attempt to to return to profitability by 2008, after having incurring losses of $1.4 billion (Rs6,218.8 crore) last year.

Some analysts have described Chrysler as a "dinosaur" that is heavily dependent on sales of "gas guzzling" sports utility vehicles that are quickly falling out of favour with drivers.

Various European automakers including PSA Peugeot Citroen, Renault Nissan, Fiat, Volkswagen or BMW, have all said they are not interested in acquiring Chrysler. So has Korea''s Hyundai, which also owns Kia, as have several Chinese car firms, including SAIC, FAW and Chery, who have voiced concerns over how Americans would react to a Chinese-owned Chrysler.