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Chrysler sells over majority interest to Cerberus Capital Management. Ending the nine year old merger between Daimler-Benz and Chrysler, the firm finalized its 80.1% takeover of the Chrysler Group today.
The contract signed on May 14, 2007, says DaimlerChrysler retains 19.9% of the company. Plus, DC is pledging a $1.5 billion loan, combined with another $500 million from Cerberus to speed up the majority takeover. DC said in a statement, it believes that the financial support is 鈥渁 strong sign of its overall determination to make sure that, under the majority of Cerberus, Chrysler has a good start as a successful stand-alone car company.
On October 4 Shareholders of DaimlerChrysler will convene in Stuttgart to vote on an official name change for the company. In the same time, Chrysler is planning a festivity for the change at its headquarters in Auburn Hills, Michigan on Monday.
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