DWS says Chrysler spin-off should remain option: paper
FRANKFURT (Reuters) - DaimlerChrysler DCXGn.DE DCX.N shareholder DWS has called on the carmaker's management to consider a spin-off of the firm's ailing U.S. Chrysler unit as an option as it gets ready to unveil its latest restructuring plan for Chrysler, a German newspaper reported.
"This needs to be an option that must be examined again and again" DWS fund manager Henning Gebhardt told the Frankfurter Allgemeine Sonntagszeitung in remarks published on Sunday.
He added that it was questionable whether Chrysler would become successful in the medium term.
"BMW (BMWG.DE) also separated Rover. It would be irresponsible for (Daimler) management to exclude this option," Gebhardt added.
DWS, Germany's largest fund company, owns about 0.85 percent of DaimlerChrysler shares, according to Reuters data.
DaimlerChrysler unveils its latest restructuring plan for Chrysler on Wednesday, almost six years after its first attempt at shoring up profits from across the Atlantic.
Analysts expect the world's fifth-biggest carmaker to cut thousands of jobs and close two North American plants at Chrysler, which Chief Executive Dieter Zetsche ran until taking the top spot in Stuttgart at the start of last year.
A complete spin-off of Chrysler, as suggested by some disgruntled German shareholders, seems to some to be off the table.
"Management commitment to restructuring may cast doubt on an imminent disposal, which has supported the stock," analyst Stephen Cheetham at Sanford Bernstein wrote in a recent report.
