This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6653277.stm
The article has changed 8 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Cerberus to buy Chrysler majority | Cerberus to buy Chrysler majority |
| (20 minutes later) | |
| US private equity firm Cerberus Capital Management is to buy a majority stake in car firm DaimlerChrysler's ailing US Chrysler arm. | US private equity firm Cerberus Capital Management is to buy a majority stake in car firm DaimlerChrysler's ailing US Chrysler arm. |
| The group is to buy 80.1% of the firm for 5.5bn euros ($7.41bn; £3.7bn) DaimlerChrysler announced on Monday. | The group is to buy 80.1% of the firm for 5.5bn euros ($7.41bn; £3.7bn) DaimlerChrysler announced on Monday. |
| News of the deal drove DaimlerChrysler shares 7% higher on the German market. | News of the deal drove DaimlerChrysler shares 7% higher on the German market. |
| Under the deal - which will see the German-American firm retain a 19.9% stake - Chrysler will still have to meet pension and healthcare costs. | Under the deal - which will see the German-American firm retain a 19.9% stake - Chrysler will still have to meet pension and healthcare costs. |
| 'Solution' | |
| DaimlerChrysler said it expected the deal would be finalised by the third quarter of this year, meaning that profit will be cut by some 3 billion euros ($4.05 billion) to 4 billion euros for 2007. | |
| "We're confident that we've found the solution that will create the greatest overall value - both for Daimler and Chrysler," said DaimlerChrysler chairman and chief executive Dieter Zetsche. | |
| "With this transaction, we have created the right conditions for a new start for Chrysler and Daimler." | |
| Unions - who had been worried over job implications - welcomed the deal. | |
| Ron Gettelfinger, president of the United Autoworkers, said: "The transaction with Cerberus is in the best interests of our UAW members, the Chrysler Group and Daimler." | |
| Shareholders will decide whether to change the firm's name to Daimler AG. |