DiamondSCattleCo
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Cerberus Takes Over Majority Interest In Chrysler Group and Related Financial Services Business for $7.4 Billion From DaimlerChrysler
- Affiliate of Cerberus to acquire 80.1% equity interest in new company Chrysler Holding LLC; DaimlerChrysler AG to retain 19.9%
- Obligations for pensions and healthcare costs to be retained by Chrysler companies
- Transaction expected to result in net cash outflow of $0.65 billion for DaimlerChrysler
- DaimlerChrysler's net profit according to IFRS in 2007 to be reduced in a range of $4.1-5.4 billion
- Equity ratio of DaimlerChrysler's industrial business is expected to be over 40% by the beginning of 2008
- Extraordinary Shareholders' Meeting to decide on change of name to Daimler AG
- DaimlerChrysler CEO Dieter Zetsche on the realignment of
DaimlerChrysler AG: "We will be the leading manufacturer of premium vehicles and a provider of premium services in every market segment we serve worldwide."
- UAW President Ron Gettelfinger: "The transaction with Cerberus is in the best interests of our UAW members, the Chrysler Group and Daimler."
- Cerberus Capital Management Chairman John Snow: "Cerberus believes in the inherent strength of U.S. manufacturing and of the U.S. auto industry. Most importantly, we believe in Chrysler."
Too bad, I was really hoping Magna was going to buy it...
Rod
- Affiliate of Cerberus to acquire 80.1% equity interest in new company Chrysler Holding LLC; DaimlerChrysler AG to retain 19.9%
- Obligations for pensions and healthcare costs to be retained by Chrysler companies
- Transaction expected to result in net cash outflow of $0.65 billion for DaimlerChrysler
- DaimlerChrysler's net profit according to IFRS in 2007 to be reduced in a range of $4.1-5.4 billion
- Equity ratio of DaimlerChrysler's industrial business is expected to be over 40% by the beginning of 2008
- Extraordinary Shareholders' Meeting to decide on change of name to Daimler AG
- DaimlerChrysler CEO Dieter Zetsche on the realignment of
DaimlerChrysler AG: "We will be the leading manufacturer of premium vehicles and a provider of premium services in every market segment we serve worldwide."
- UAW President Ron Gettelfinger: "The transaction with Cerberus is in the best interests of our UAW members, the Chrysler Group and Daimler."
- Cerberus Capital Management Chairman John Snow: "Cerberus believes in the inherent strength of U.S. manufacturing and of the U.S. auto industry. Most importantly, we believe in Chrysler."
Too bad, I was really hoping Magna was going to buy it...
Rod
