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

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