Tuesday, May 15, 2007
Chrysler sold to Cerberus
EQUITY firm, Cerberus Capital Management, has agreed to buy 80.1% of Chrysler Group.
The private equity firm is paying $7.4bn for the stake and will take-on Chrysler's pension and health-care liabilities.
"We are aware that Chrysler faces significant challenges, but we are confident that they can and will be overcome," said John Snow, (pictured) chairman of Cerberus Capital Management.
"Cerberus believes in the inherent strength of U.S. manufacturing and of the U.S. auto industry. Most importantly, we believe in Chrysler," he said.
DATED: 15.05.07
FEED: AW
The private equity firm is paying $7.4bn for the stake and will take-on Chrysler's pension and health-care liabilities.
"We are aware that Chrysler faces significant challenges, but we are confident that they can and will be overcome," said John Snow, (pictured) chairman of Cerberus Capital Management.
"Cerberus believes in the inherent strength of U.S. manufacturing and of the U.S. auto industry. Most importantly, we believe in Chrysler," he said.
DATED: 15.05.07
FEED: AW
