Ad Radar
Facebook Icon 17X17
Twitter Icon 17X17

DaimlerChrysler announced that its Chrysler group has been sold

  
Truck Trend
Item Posts    Sort Order

DaimlerChrysler announced that its Chrysler group has been sold

 
Truck Trend Truck Trend
Administrator | Posts: 4666 | Joined: 02/07
Posted: 05/15/07
04:18 PM

Source: Truck Trend Blogs


Icon Quote:


DaimlerChrysler announced today that its Chrysler group has been sold to Cerberus Capital Management, L.P. in New York for $7.4 billion.

Todd lassa from Motor Trend Magazine reports that Cerberus Capital's offer beat offers from Magna International and Blackstone Group.

As per Motor Trend, here are the official statements:

"We will be the leading manufacturer of premium vehicles and a provider of premium services in every market segment we serve worldwide." - Daimler CEO Dieter Zetsche

"The transaction with Cerberus is in the best interests of our UAW members, the Chrysler Group and Daimler."  -- United Auto Workers president Ron Gettelfinger

"Cerberus believes in the inherent strength of U.S. manufacturing and of the U.S. auto industry. Most importantly, we believe in Chrysler." - Cerberus chairman John Snow

Wolfgang Bernhard will not join the management team at the new Chrysler Holding LLC while DaimlerChrysler changes its name to Daimler AG.



 

thekoof thekoof
Enthusiast | Posts: 312 | Joined: 05/07
Posted: 05/17/07
05:23 PM

This begins a new era. Lets hope they can make ChryCo competitive and eventually a leader once again.  

Trade In Value