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DaimlerChrysler announced that its Chrysler group has been sold

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

Source: Truck Trend Blogs


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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.



 

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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.  

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