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Cerberus Takes Over Majority Interest In Chrysler Group
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<blockquote data-quote="DiamondSCattleCo" data-source="post: 381102" data-attributes="member: 2862"><p>Cerberus Takes Over Majority Interest In Chrysler Group and Related Financial Services Business for $7.4 Billion From DaimlerChrysler</p><p></p><p>- Affiliate of Cerberus to acquire 80.1% equity interest in new company Chrysler Holding LLC; DaimlerChrysler AG to retain 19.9%</p><p></p><p>- Obligations for pensions and healthcare costs to be retained by Chrysler companies</p><p></p><p>- Transaction expected to result in net cash outflow of $0.65 billion for DaimlerChrysler</p><p></p><p>- DaimlerChrysler's net profit according to IFRS in 2007 to be reduced in a range of $4.1-5.4 billion</p><p></p><p>- Equity ratio of DaimlerChrysler's industrial business is expected to be over 40% by the beginning of 2008</p><p></p><p>- Extraordinary Shareholders' Meeting to decide on change of name to Daimler AG</p><p></p><p>- DaimlerChrysler CEO Dieter Zetsche on the realignment of </p><p>DaimlerChrysler AG: "We will be the leading manufacturer of premium vehicles and a provider of premium services in every market segment we serve worldwide."</p><p></p><p>- UAW President Ron Gettelfinger: "The transaction with Cerberus is in the best interests of our UAW members, the Chrysler Group and Daimler."</p><p></p><p>- 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."</p><p></p><p>Too bad, I was really hoping Magna was going to buy it...</p><p></p><p>Rod</p></blockquote><p></p>
[QUOTE="DiamondSCattleCo, post: 381102, member: 2862"] 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 [/QUOTE]
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