Daimler and Chrysler to part

May 14, 2007

Private equity firm Cerberus is to buy the majority of DaimlerChrysler's struggling Chrysler Group for $7.4 billion. The sum is a fraction of the $36 billion deal that created the transatlantic car union nine years ago. Cerberus Capital Management gets an 80.1% stake in Chrysler and its related financial services business, in a deal which will not trigger any more job cuts beyond the 13,000 announced by Chrysler in February.Joanna Partridge reports for Reuters. FEATURED SPEAKERS: John Snow, Chairman, Cerberus; Dieter Zetsche, CEO, DaimlerChrysler