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AUTOMAKERS' NEWS * USA - Cerberus wins bid for Chrysler
Announcement of deal could come todayAuburn Hills,Mich,USA -The Detroit News (Detroits,Mich), by Bill Vlasic & Josee Valcourt -14 May 2007: -- Cerberus Capital Management has won an intense bidding war to buy DaimlerChrysler AG's Chrysler Group in what would be a landmark acquisition of a major automaker by a private-equity firm, according to people close to the sale process... DaimlerChrysler is said to have chosen Cerberus over bids by rival private-equity giant Blackstone Group and Canadian auto supplier Magna International Inc... The sale agreement with Cerberus is expected to be contingent on final terms to be negotiated with DaimlerChrysler...
What we know
* The deal: Terms were not clear Sunday, but DCX is expected to retain a stake in Chrysler and transfer responsibility for its huge health care and pension costs to the new, privately owned Chrysler.
* The key players:
* The deal: Terms were not clear Sunday, but DCX is expected to retain a stake in Chrysler and transfer responsibility for its huge health care and pension costs to the new, privately owned Chrysler.
* The key players:
- Dieter Zetsche: The former Chrysler CEO stunned the auto industry in February when he said all options were on the table for Chrysler, including a sale.
- Tom LaSorda: After more than 20 years at GM, LaSorda moved to Chrysler in 2000 and replaced Zetsche as CEO in September 2005. He is expected to remain Chrysler's top executive.
- Wolfgang Bernhard: Chrysler's former chief operating officer is expected to get a senior board position in Chrysler's new corporate structure.
- Ron Gettelfinger: Cerberus is likely to face strong opposition from the UAW president, who has criticized private equity firms for "stripping and flipping" the assets of troubled companies.
No sale price was immediately known... (Photo by Bill Pugliano / Getty Images -The Chrysler Group headquarters in Auburn Hills soon could belong to Cerberus Capital Management. DaimlerChrysler is said to have chosen the private-equity firm over bids by rivals Blackstone Group and Magna International)
* Germany - The new Daimler AG
Germany -just-auto.com (UK -subscription) -14 May 2007: -- Following the sale of Chrysler, DaimlerChrysler has announced that the name of DaimlerChrysler AG is to be changed to Daimler AG... A decision on this is to be taken by the shareholders at an extraordinary shareholders' meeting probably in autumn 2007...
Germany -just-auto.com (UK -subscription) -14 May 2007: -- Following the sale of Chrysler, DaimlerChrysler has announced that the name of DaimlerChrysler AG is to be changed to Daimler AG... A decision on this is to be taken by the shareholders at an extraordinary shareholders' meeting probably in autumn 2007...
Labels: automakers news
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