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It's official * USA - Cerberus takes control of Chrysler
The 1998 transatlantic merger that was supposed to change the auto industry has ended
Detroit,Mich,USA -Automotive News, by Bradford Wernle -August 3, 2007: -- Private equity firm Cerberus Capital Management LP took 80.1 percent ownership of the Chrysler group today. DaimlerChrysler retained 19.9 percent... Citing "highly volatile U.S. credit markets," DaimlerChrysler said it would combine with Cerberus to loan Chrysler's automotive business $2 billion. Of that, DaimlerChrysler will provide $1.5 billion and Cerberus $500 million...
* Chrysler begins new era - As a private company, automaker faces stiff challenge to increase sales, regain profitability in tough market
Detroit,Mich,USA -The Detroit News, by Bill Vlasic and Christine Tierney -4 Aug 2007: -- The "new" Chrysler debuted Friday as a privately held American company determined to prove it can shed its old boom-or-bust image. In a historic deal that rocked the auto industry, Cerberus Capital Management officially took control of Chrysler in a $7.4 billion buyout marking the end of the 9-year-old DaimlerChrysler merger... "The completion of the deal marks the beginning of a historic opportunity for us to build a company that can compete with the best in the world," Chrysler CEO Tom LaSorda told employees in an e-mail Friday...
Labels: business
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