Chrysler back in American ownership

Chrysler back in American ownership

DaimlerChrysler AG has announced that they have now completed the sale of an 80.1 percent stake of Chrysler to Cerberus Capital Management LP.

Chrysler as a result is back into American ownership after a 9 year long partnership with the German auto maker.

DaimlerChrysler would now be renamed Daimler AG, and the company said that they would take on $1.5 billion in debt to support the sale and keep a 19.9 percent stake in the U.S. Company.

Cerberus is led by former U.S. Treasury Secretary John Snow and they are investing $7.4 billion in Chrysler.

Snow spoke about this acquisition: “We are excited about realizing this monumental opportunity to help bring an American automotive icon back to a path for profitability and long-term success.”