Daimler Wants to Ditch the Rest of Its Chrysler Stock
September 24, 2008
Not surprisingly Daimler AG confirmed it is in talks to sell its remaining 19.9 percent stake in Chrysler LLC to Cerberus Capital Management LP, which owns the other 80.1 percent of the automaker, Dow Jones reports.
Daimler sold the 80.1 percent to Cerberus last year and this July said its remaining stake was worth about $252 million on its books.
Meantime, Chrysler execs told its dealers Tuesday that the automaker, which does not have to divulge financial information now that it is a private company, that it lost $1.6 billion in 2007, has lost $400 million so far this year and has $11 billion in cash, the Wall Street Journal reported Tuesday. Chrysler sales are off 24 percent so far in 2008.
Posted by Michelle Krebs at 10:46 AM under Business , Chrysler | Comments (0) | digg this | Seed Newsvine
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