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MiscellaneousCerebus Deals Closes - So Long Daimler
Posted by mike on 2007/8/3 13:23:13 (1200) reads

Word just hit the street that the sale of Chrysler Group to Cerebus officially closed earlier today. From CNN:

Chrysler Group returned to U.S. ownership Friday, just as the troubled automaker and its U.S. rivals are facing make-or-break labor negotiations and American car buyers are increasingly turning away from domestic makers.

The purchase by private equity firm Cerberus Capital Management closes the books on a failed nine-year old merger. The German automaker then known as Daimler-Benz paid $37 billion for the company in 1998, and essentially ended up paying Cerberus tobuy 80 percent of the automaker, and take its long-term liability to pay for its retirees' healthcare coverage off its hands and off its balance sheet.

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xjken99
Posted: 2007/8/3 15:53  Updated: 2007/8/3 15:53
Quite a regular
Joined: 2005/9/14
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Posts: 58
 Re: Cerebus Deals Closes - So Long Daimler
Thank God ! Jeep being owned by the germans was just wrong on so many levels. We better all hope that Cerebus can right the ship and convince the UAW to be realistic because I am afraid the next ownwership stop might have a address in China.

Poster Thread
RUBICON
Posted: 2007/8/3 21:14  Updated: 2007/8/3 21:14
Home away from home
Joined: 2005/7/13
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Posts: 377
 Re: Cerebus Deals Closes - So Long Daimler
Actually it looks like Daimler ate the legacy healthcare costs as part of the deal... good news. Now, like you said, Cerebus needs to get the UAW and CAW to reduce the healthcare costs of current employees and future retirees.
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