May 17, 2007
DaimlerChrysler Supervisory Board approves sale of Chrysler Group
Stuttgart, Germany – The Supervisory Board of DaimlerChrysler AG yesterday approved the concept for the Chrysler Group and the realignment of DaimlerChrysler AG in the form submitted by the Board of Management.
According to the plan, Cerberus Capital Management will take over a majority interest in the Chrysler Group and the related financial services business. The transaction is expected to close in the third quarter of 2007.