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World News

Equity firm buys automaker Chrysler

German-based DaimlerChrysler said May 14 it will sell 80.1 percent of money-losing Chrysler to private equity firm Cerberus Capital Management LP for $7.4 billion (¥891 billion).

This was a stunning reversal of the $36 billion (¥4.3 trillion) "merger of equals" between Daimler-Benz and Chrysler Corp. in 1998, an attempt to create a global automotive powerhouse that went disastrously wrong. (AP)

Shukan ST: May 25, 2007

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World News Equity firm buys automaker Chrysler German-based DaimlerChrysler said May 14 it will sell 80.1 percent of money-losing Chrysler to private equity firm Cerberus Capital Management LP for $7.4 billion (¥891 billion). This was a stunning reversal of the $36 billion (¥4.3 trillion) "merger of equals" between Daimler-Benz and Chrysler Corp. in 1998, an attempt to create a global automotive powerhouse that went disastrously wrong. (AP) Shukan ST: May 25, 2007 (C) All rights reserved