Aug
31
Chrysler changes hands
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DaimlerChrysler AG transferred an 80.1 percent stake in Chrysler to New York-based Cerberus, one of the world’s largest private equity firms, in a $7.4 billion deal. The German automaker retained a 19.9 percent interest in the new company, Chrysler LLC.
“After months of uncertainty, then a period of transition, we are beginning a new chapter in Chrysler’s proud history — and we have the chance to write a terrific story,” Chrysler Chief Executive Tom LaSorda said in an e-mail to employees.
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EbonyAdvocate, TheJetIndependent, The (London)Insight on the News
Aug
31
Chrysler deal to bring Chinese cars to U.S.
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Chrysler Group signed a deal Wednesday with China’s biggest automaker, Chery, to launch a low-cost production venture that could export the first Chinese-made cars to the United States.
The first cars will reach Latin America or Eastern Europe within a year and models should be exported to North America and Western Europe in 21/2 years, said Chrysler CEO Tom LaSorda.
“As part of the Chrysler Group’s global transformation, we are finding new ways to bring vehicles to market faster, more efficiently and with less cost,” LaSorda said at a signing ceremony.
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Aug
31
HURRY OFFER ENDS SEPTEMBER 4!
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Aug
31
Banks left holding debt for Boots and Chrysler buyouts
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The eight banks underwriting the [pound]11bn takeover of Alliance Boots by KKR and the retailer’s deputy chairman Stefano Pessina failed to syndicate [pound]5.1bn of senior debt, with sources close to the deal citing market conditions.
Aug
31
Feds OK purchase of Chrysler unit
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Peter Duda, a Cerberus spokesman, said Tuesday that the Federal Trade Commission made its decision before the end of a standard 30- day review.
Early termination of an FTC review typically signifies there will be no conditions placed on the deal. The FTC declined to comment Tuesday.
DaimlerChrysler agreed last month to transfer an 80.1 percent stake in its money-losing Chrysler unit to New York-based Cerberus.
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As part of the deal, Cerberus agreed to invest $6.1 billion in Chrysler and its financing arm and to pay DaimlerChrysler $1.4 billion. DaimlerChrysler would remain liable for certain expenses that could result in it paying Cerberus up to $1.5 billion to complete the transaction.
Cerberus, however, has agreed to take on $19 billion of the auto company’s long-term retiree health-care costs.
The companies expect to close the deal in the third quarter, Duda said. Daimler’s board approved the transaction last month.
The Chrysler purchase expands Cerberus’ automotive holdings, which include a 51 percent stake in GMAC Financial Services. It also owns Guilford Mills, the largest automotive seating supplier in the U.S., and Peguform Group, a German-based manufacturer of interior and exterior plastic parts used in autos.
Shares of DaimlerChrysler dropped 9 cents to $92.28 in after- hours trading, after increasing 22 cents to close at $92.37 in the regular trading session Tuesday.
Aug
31
Future Cars
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Aug
30
Ex-Home Depot boss Nardelli chosen to head No. 3 Chrysler
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The board of the reorganized Chrysler LLC elected Nardelli as chairman and chief executive, according to a person familiar with the decision. The person spoke on condition of anonymity because the appointment was to be officially announced today.
Nardelli, who became chief executive of The Home Depot Inc. in 2000, resigned abruptly in January after criticism over his pay and the company’s slumping share price.
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Former Chrysler executive Wolfgang Bernhard, a senior adviser to Cerberus, had been widely expected to be named chairman. He was offered a position with the company but elected not to accept it, the person said.
Tom LaSorda, who led Chrysler as a unit of DaimlerChrysler AG, was named vice chairman and president of Chrysler, reporting to Nardelli, the person said.
Chrysler’s chief operating officer, Eric Ridenour, decided to leave the automaker after 23 years, the person said.
On Friday, DaimlerChrysler transferred an 80.1 percent stake in Chrysler to New York-based Cerberus Capital Management LP, one of the world’s largest private equity companies, in a $7.4 billion deal.
The German automaker, which is to be renamed Daimler AG, retained a 19.9 percent interest in Chrysler.
Aug
30
Ford, Chrysler sales down in tough month for U.S. industry
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Ford’s sales were down 12 percent for the year. The company said one bright spot was sales of crossover vehicles, which were up 40 percent for the month thanks to new entries like the Ford Edge and Lincoln MKX.
DaimlerChrysler AG said its U.S. sales fell 9.1 percent in July. Chrysler Group said sales were down 8.4 percent for the month, while Mercedes-Benz said U.S. sales fell 13.9 percent from the same month a year ago.
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Erich Merkle, vice president of forecasting for auto consulting company IRN Inc. in Grand Rapids, said with high gas prices and rising rates on adjustable mortgages and home equity loans, consumers simply have less money to buy cars.
“You’ve got a consumer right now that’s really being stretched,” Merkle said. “In many cases debt levels are incredibly high to the point where you’re seeing a lot of foreclosures.”
The Associated Press reports unadjusted figures, calculating the percentage change in the total number of vehicles sold in one month compared with the same month a year earlier. Some automakers report percentages adjusted for sales days. There were 24 sales days last month and 25 in July 2006.
Aug
30
Chrysler wastes little time touting its reinvented self (International Herald Tribune)
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Aug
30
Chairman says Cerberus has no plans to unload Chrysler
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Former Treasury Secretary John Snow, who is chairman of Cerberus Capital Management LP, said the U.S. auto industry is poised for a turnaround.
“We want to be there to help the turn and benefit our investors from the turn,” he told the Detroit Economic Club.
Snow said Cerberus likes Chrysler CEO Tom LaSorda’s recovery plan, and taking the company private will give LaSorda time to implement the plan. The plan calls for a return to profitability by 2009.
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EbonyAdvocate, TheJetIndependent, The (London)Insight on the News
Cerberus has 150 corporate managers who advise the companies it acquires, including former Volkswagen AG and Chrysler executive Wolfgang Bernhard, who is assigned to Chrysler. But Snow insisted that Bernhard is not running the company.
“They’re running the place. They’re accountable,” he said of LaSorda’s team.
DaimlerChrysler AG — the maker of Mercedes luxury cars — agreed in May to transfer an 80.1 percent stake in its U.S.-based Chrysler unit to New York-based Cerberus.
As part of the deal, Cerberus agreed to invest $6.1 billion in Chrysler and its financing arm and to pay DaimlerChrysler $1.4 billion.
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