Union Cracks in DaimlerChrysler Deal

"That was maybe a bit of a flinch from Cerberus in the eyes of the union," says Argus Research analyst Kevin Tynan. "Maybe they view Cerberus as a firm they know how to deal with."

Elsewhere, reports that the Ford family is considering a sale of its controlling stake in the No. 2 U.S. automaker lent to a perception on Wall Street that the barriers to aggressive restructurings for the U.S. auto industry are coming down. Shares of Daimler Chrysler were recently up 2.3%, while shares of GM and Ford were up 3.8% and 4.4%, respectively.

"We view the Chrysler sale news as favorable for GM and Ford," said Bear Stearns analyst Peter Nesvold in a note to clients. "In particular, we are favorably impressed with the UAW's seemingly evenhanded initial response to the news, considering how adamantly negative the union had sounded against a sale to private equity just a few weeks ago. In our view, the sale opens the door for further restructuring in Detroit generally."