Three groups submit bids for Chrysler

Private equity groups Cerberus Capital Management and The Blackstone Group have submitted formal offers to buy DaimlerChrysler's loss-making Chrysler Group, the Detroit News said on Wednesday. Canadian car parts group Magna International Inc has also submitted an offer that keeps it in the running to acquire the U.S. division of DaimlerChrysler, the paper said, citing people close to the situation. DaimlerChrysler is expected to choose one bidder as an exclusive negotiating partner by the end of April, it said, adding DaimlerChrysler was hoping for a price of about $8 billion for Chrysler.