Billionaire investor Kirk Kerkorian's investment group has offered DaimlerChrysler $4.5 billion to buy its struggling Chrysler division.
Kerkorian's personal holding company Tracinda said in a statement on Thursday night that the offer would aim to 'build and strengthen Chrysler as an independent entity'.
The all-cash offer is subject to reaching a new agreement with the United Auto Workers Union and a due diligence period which Tracinda estimated would take 60 days, a letter to DaimlerChrysler from Tracinda representative Jerome York stated.
Kerkorian, who last made headlines with his failed bid to push General Motors into an alliance with Renault-Nissan, made a bid to purchase Chrysler ahead of its merger with DaimlerBenz.
In what appeared to be a last-ditch attempt to turn the division around, DaimlerChrysler unveiled in February plans to slash 13,000 more jobs and close two more plants at its loss-making US subsidiary and said it would consider 'all options'.
Chief executive Dieter Zetsche confirmed on Wednesday that it was in talks over a possible sale of Chrysler but revealed few details at the group's annual meeting in Berlin.
