Cerberus wins bid for Chrysler
Published May 14th, 2007
Cerberus Capital Management has won an intense bidding war to buy DaimlerChrysler AG’s Chrysler Group in what would be a landmark acquisition of a major automaker by a private-equity firm, according to people close to the sale process.
The deal follows marathon negotiations between New York-based Cerberus and DaimlerChrysler and is expected to be formally announced as soon as today.
DaimlerChrysler is said to have chosen Cerberus over bids by rival private-equity giant Blackstone Group and Canadian auto supplier Magna International Inc.
The sale agreement with Cerberus is expected to be contingent on final terms to be negotiated with DaimlerChrysler. No sale price was immediately known.
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