BRUSSELS, July 3 (UPI) -- European regulators Tuesday gave U.S. private-equity firm Cerberus Capital Management LP the green light to buy the Chrysler Group from DaimlerChrysler AG.
The European Commission said it approved the deal under a special simplified procedure because no customers or competitors had objected and it identified no antitrust problems within a 25 working day deadline.
The approval was the last major regulatory hurdle Cerberus needed to clear in its $7.4 billion purchase. U.S. regulators approved the purchase of the U.S. unit of Germany's DaimlerChrysler last month.
New York's Cerberus agreed May 14 to buy an 80.1 percent controlling stake in the Auburn Hills, Mich., automaker, which will be known as Chrysler Holding LLC after the deal closes this quarter.
DaimlerChrysler of Stuttgart, Germany, intends, with shareholder approval, to change its name to Daimler AG.
