Union opposes Chrysler private-equity sale

The powerful German trade union IG Metall is opposed to DaimlerChrysler selling its Chrysler business to a private equity buyer, a regional union leader told a German newspaper.

"We don't have any interest in seeing Chrysler sold to a locust," Joerg Hofmann, the head of union IG Metall in the German state of Baden-Wuerttemberg, told the Berliner Zeitung.

"There should be a solution for our colleagues in the U.S. which benefits the Chrysler brand," Hofmann said. "A purely financial investment with the aim of making a quick buck doesn't do much in this respect."

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The term locust refers to a comment about foreign investors made by a key German politician in 2005.

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DaimlerChrysler is expecting provisional bids from would-be buyers for the loss-making American carmaker by the end of the month, sources familiar with the matter recently said.

Private equity firms Cerberus, Blackstone Group and Magna have emerged as the leading candidates to buy Chrysler, now the fourth-biggest U.S. carmaker, people familiar with the matter have told Reuters.