DaimlerChrysler AG decided the future of Chrysler, by selling 80% of the stocks to Cerberus Capital Management, for a sum close to $7.4 billion. A bad deal if you compare it to the $36 billion spent to merge the two companies back in 1998. DaimlerChrysler AG will now be renamed to Daimler AG, and it will keep 20% of Chrysler, plus it will give them a $400 million loan.
So, after two months of negotiations with several bidders, the fate of Chrysler if finally decided. DaimlerChrysler first mentioned that Chrysler is up for sale in February, following the announcement of a $1.5 billion loss and a restructuring plan that would cost up to 13,000 jobs.
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