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March 5, 2021
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GERMANY-DAIMLERCHRYSLER
(2007-05-16)
(wgvu) - BERLIN (AP) - DaimlerChrysler's supervisory board has formally
cleared the way for the sale of most of the company's money-losing
Chrysler Group to private equity firm Cerberus Capital Management.
The board, similar to a board of directors in the U-S, says
"the closing of the transaction is expected to take place in the
third quarter," but gives no further details. A statement today
does not elaborate on the board meeting.
DaimlerChrysler announced Monday it plans to sell 80 percent of
Chrysler to Cerberus in a nearly seven and a-half (b)
billion-dollar deal. Daimler will retain a minority stake in
Chrysler.
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