Posted: 05/15/07 03:18 PM
Source: Truck Trend Blogs
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.
Posted: 05/17/07 04:23 PM
This begins a new era. Lets hope they can make ChryCo competitive and eventually a leader once again.