Word: iacocca
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...AUDITORIUM AT THE CHRYSLER technology center in Auburn Hills, Michigan, was dense with emotion three years ago when Lee Iacocca attended the company's annual meeting for the last time as chairman of the board. A few months earlier he had agreed to step aside in favor of Robert Eaton, a former General Motors executive who was Iacocca's own choice to succeed him. Now here he was at 67, having brought the giant carmaker back from the edge of bankruptcy twice in 10 years, summing up a fabled career. Though he had lived every boy's dream of becoming...
...chase. Last week Iacocca stunned Wall Street and the auto industry by joining with the billionaire investor Kirk Kerkorian, 77, in a spectacular bid to take over the nation's third largest automaker. After three months of downward drift in the value of Chrysler stock, Kerkorian offered investors $55 a share, a 40% premium over the $39.25 price it posted one day before the bid went public...
...Iacocca is just the opposite. In the same breath that he denies any ambition to return to management, he sketches out plans for the company's future. Though he brings a relative pittance to the deal in Chrysler stock--about $50 million--the value of his reputation, and the credibility it lends to Kerkorian, is priceless. And as Iacocca knows, with this deal he again puts it on the line. Revered as the man who would not let Chrysler fall, could he also be a man unable...
...shareholders. What Chrysler and its employees stand to gain is another question. Since 1990 the company has made a tremendous turnaround, streamlining its design and manufacturing process to become the most profitable U.S. automaker. It also shed nonessential businesses like Gulfstream corporate aircraft, acquired in the 1980s under Iacocca. For 1994, Chrysler reported a record profit of $3.7 billion on revenues of $52 billion. Dodge Ram pickup trucks, Cirrus sedans and the Jeep Grand Cherokee were established hits, and promising new products like the Neon had come on market. Toyota engineers even went to the trouble of disassembling a Neon...
Former Chrysler Chairman Lee Iacocca wants his company back. He and billionaire investor Kirk Kerkorian are attempting to buy the No. 3 automaker for $22.8 billion. Their lavish, unsolicited $55 per share proposal -- more than 40 percent above yesterday's closing stock price -- would be the biggest U.S. corporate takeover since the $25 billion buyout of RJR Nabisco by Kohlberg Kravis Roberts in 1988. Today's surprise announcement boosted Chrysler stock and prompted Chairman Robert Eaton to scrap a scheduled New York auto show speech.TIME Detroit bureau chief William McWhirtersays Chrysler is well positioned to fight a takeover because...