Cerberus Takes Over Majority Interest In Chrysler Group and ...

Chrysler sold for $7.4bn

Private-equity firm Cerberus Capital Management LP will likely be the winning bidder to buy Chrysler Group from DaimlerChrysler AG, and an announcement could come as early as today, a company official said Sunday.

The official spoke on the condition of anonymity because negotiations were still not final.

The German company announced Feb. 14 that all options are open for the automaker, which lost $1.5 billion last year and is cutting thousands of jobs.

Among the other companies reportedly interested in Chrysler are Canadian auto parts supplier Magna International, a consortium of investors led by Blackstone Group, and General Motors Corp. Billionaire investor Kirk Kerkorian has also said he plans a bid.

Messages seeking comment were left for Chrysler officials in Auburn Hills and for a Cerberus spokesman in New York.

Source: [url=http://digital50.com/news/items/PR/2007/05/14/NYM075/cerberus-takes-over-majority-interest-in-chrysler-group-and-related-financial-service.html]American Digital Networks[/url]