Daimler Wants to Sell Remaining Chrysler Stake to Cerberus

Sept. 24, 2008
Talks are said to be in an advanced stage

Daimler said on Sept. 24 it wanted to sell its remaining 19.9% interest in its former U.S. subsidiary Chrysler to private equity firm Cerberus, which last year acquired a majority stake in Chrysler from Daimler.

"Daimler confirms that it is in talks with Cerberus Capital Management on selling its 19.9% holding in Chrysler LLC," Daimler said in a statement.

The manufacturer was reacting to a report in Manager Magazine and the specialised publication Automobilwoche.

Automobilwoche, citing a Daimler spokesman in New York, said talks between the parties were in an advanced stage and could be completed in the coming weeks.

Daimler, previously known as DaimlerChrysler, sold its majority stake in Chrysler to Cerberus in August 2007. It had been allied with Chrysler for nine years.

Copyright Agence France-Presse, 2008

Popular Sponsored Recommendations

Learn How Manufacturers like 3M Cater to Digital Buyers to Increase Sales

Aug. 13, 2023
In this article, you'll learn how manufacturers can balance educating and guiding their buyers through their complex buying process with a digital first approach to product discovery...

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!