Daimler confirms that the Company is in discussions with Cerberus Capital Management regarding the redemption of its remaining 19.9 percent stake in Chrysler LLC. It aims to exit the Chrysler holding within a few weeks. A sale would sever the last Chrysler ties for Daimler, which sold 80.1 percent of the third-largest U.S. automaker to Cerberus in August 2007 as losses mounted. Daimler wrote down the value of its Chrysler stake from 916 million euros at the end of 2007, to 171 million euros at the end of June as the automaker’s fortunes declined.
Muamer Hodzic September 24, 2008