Chrysler Sold to Cerberus

[Civic2Scooby]

he Wall Street Journal is reporting that the private equity firm Cerberus has won the bidding for Chrysler. DaimlerChrysler (NYSE: DCX), which will probably change its name, will hold a small stake in the new holding company. Cerberus bought the majority of GMAC from General Motors (NYSE: GM) last year. Aside from what Cerberus pays for the U.S. car company, which may be very little, the key to the transaction will be that Daimler will move the $18 billion of Chrysler pension and benefits obligations off of its books. according to the news, it is confirmed they are sold, but not 100% on the buyer.

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[Chefboiali]

In the end, we're going to be using strictly metric tools on American cars.

[Civic2Scooby]

we already do

[TheOtherDave™]

And everyone else I read listed Magna as the front runner... interesting.

[Civic2Scooby]

Originally Posted by TheOtherDave™

And everyone else I read listed Magna as the front runner... interesting.

yeah, I thought it was gonna be Magna and the crazy Russian....but word is Cerberus came out of nowhere and scooped up the high bid

[TheOtherDave™]

Moved to News & Rumors.

[Civic2Scooby]

why the hell would this get moved to somewhere nobody ever looks...

[TheOtherDave™]

Originally Posted by Civic2Scooby

yeah, I thought it was gonna be Magna and the crazy Russian....but word is Cerberus came out of nowhere and scooped up the high bid

Go figure. It will be interesting to see how it all settles out.
As a Mopar guy, I hope the brand survives.
But I get the feeling that this is the end.

[TheOtherDave™]

Originally Posted by Civic2Scooby

why the hell would this get moved to somewhere nobody ever looks...

To get people looking there, silly.

It's called driving traffic...

[Civic2Scooby]

Originally Posted by TheOtherDave™

Go figure. It will be interesting to see how it all settles out.
As a Mopar guy, I hope the brand survives.
But I get the feeling that this is the end.

I wanna see how bad they fuck over the pention guys. Daimler gets to wipe its hands of an 18billion dollar pention plan. If this new company comes in and renames etc they can claim they are a new company and basically give the big fuck you to all 18billion dollars worth of benefits unpaid. It also means they can tell the UAW to go fuck itself which is gonna be good in my opinion, but bad for the industry.