Monday, May 14, 2007

Cerberus to buy 80% of Chrysler

Cerberus to buy 80 percent of Chrysler (AP)

A worker polishes the sign at the Chrysler display at the 2004 North American International Auto Show in Detroit, Michigan. Germany's main stock market has rallied after car giant DaimlerChrysler said it had agreed to sell its loss-making US arm, but leading indices in London and Paris hit the skids.(AFP/File/Jeff Haynes)AP - German-based DaimlerChrysler said Monday it will sell almost all of money-losing Chrysler to a private equity firm for $7.4 billion, backing out of a troubled 1998 takeover aimed at creating a global automotive powerhouse.


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