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General Discussions => General Chit Chat => Topic started by: Cheryl on May 14, 2007, 05:55:28 PM

Title: 80% of Chrysler Sold
Post by: Cheryl on May 14, 2007, 05:55:28 PM
From Jayski:

"DaimlerChrysler AG announced this morning that it had picked private equity firm Cerberus Capital Management to take a majority ownership in the Auburn Hills [Michigan]-based Chrysler Group. Cerberus, a New York City fund with several ties to the auto industry, will pay $7.4 billion for an 80% stake in the maker of Chrysler, Dodge and Jeep brand vehicles. DaimlerChrysler AG plans to change its name to Daimler AG, focus on its Mercedes luxury brand, and retain about 20% of Chrysler, the company announced. DaimlerChrysler's announcement, made at 4:31 a.m., comes nine years after Daimler-Benz AG and Chrysler Corp. united at the cost of around $36 billion in what, at the time, was called a “marriage made in heaven.”(Detroit Free Press), no word on how or if this will affect Dodge's NASCAR program.(5-14-2007)"

Wonder if this is actually an American-owned company? 


Title: Re: 80% of Chrysler Sold
Post by: Desmond on May 15, 2007, 04:57:49 PM
Yes, Cerberus is an American-owned company.  Dan Quayle, the former Vice President, runs one of its divisions.

More information:
http://www.cerberuscapital.com (http://www.cerberuscapital.com)
http://en.wikipedia.org/wiki/Cerberus_Capital_Management (http://en.wikipedia.org/wiki/Cerberus_Capital_Management)

As for Dodge's involvement in NASCAR, the head of Dodge Motorsports told ESPN's Marty Smith that he does not expect any immediate changes in the NASCAR program and that the brand will stay in NASCAR through at least 2009.