Cerberus acquires majority of Chrysler Group

DaimlerChrysler AG concludes the sale of its majority interest in the Chrysler Group and the associated North American financial services operations. A subsidiary of New York-based Cerberus Capital Management, L.P., acquires 80.1 % of the new Chrysler Holding LLC; DaimlerChrysler retains 19.9 %. The Board members from the Chrysler Group leave the Board of Management of DaimlerChrysler AG, which is therefore reduced to six members.