Daimler reaches agreement over split with Chrysler

Daimler AG, Chrysler, Cerberus and the Pension Benefit Guaranty Corporation (PBGC), a US government agency, sign an agreement covering the outstanding issues between the parties relating to Chrysler. Daimler relinquishes its remaining 19.9 % stake in Chrysler and agrees to waive repayment of loans made to Chrysler. Daimler will also help safeguard the payment of pensions to former DaimlerChrysler employees by making three annual payments of USD 200 million each into the Chrysler pension plans.