facebook
twitter
rss
account
search
search
 

Private equity firm takes over Chrysler

Aug. 3, 2007 at 4:27 PM   |   Comments

DETROIT, Aug. 3 (UPI) -- The private equity firm Cerberus Capital Management Friday took control of Chrysler, returning the automaker to U.S. ownership.

Cerberus acquired 80.1 percent of Chrysler from DaimlerChrysler in a $7.4 billion transaction, the Detroit Free Press said.

The deal had been announced in May, but it took the two sides time to complete the details.

Chrysler, which sells cars and trucks under the Chrysler, Dodge and Jeep brands, is undergoing a major restructuring. It lost $680 million last year and $2 billion in the first quarter of this year.

Tom LaSorda is expected to remain as Chrysler chief executive officer and former Chrysler Chief Operating Officer Wolfgang Bernhard is expected to become Chrysler chairman, the Free Press said.

Topics: Tom LaSorda
© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Freedom variant LCS takes to water Freedom variant LCS takes to water
2
MDA demos tracking, targeting capability of Aegis MDA demos tracking, targeting capability of Aegis
3
Australia upgrading Tiger helos; receives MH-60R from U.S. Australia upgrading Tiger helos; receives MH-60R from U.S.
4
CNN absent from the Dish Network lineup CNN absent from the Dish Network lineup
5
Qatar getting military satellite communications system Qatar getting military satellite communications system
Trending News
Around the Web
x
Feedback