New York-based Cerberus Capital Management is a private equity firm that will make a capital contribution to DaimlerChrysler AG in the amount of $7.45 billion. In exchange for the funds, they will receive an 80.1% equity interest in the future new company called Chrysler Holding LLC.
DaimlerChrysler will retain a 19.9% equity interest in the company as well as all the financial obligations for both pension and healthcare benefits towards its employees and those of the financial services business related to the Chrysler Group.
Dr. Dieter Zetsche, Chairman of the Board of Management of DaimlerChrysler AG and Head of the Mercedes Car Group is confident that this is the perfect solution that will create the best situation for a new start for both Chrysler and Daimler.
The complete transaction is expected to take place in the course of the third quarter of this year.
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DaimlerChrysler will retain a 19.9% equity interest in the company as well as all the financial obligations for both pension and healthcare benefits towards its employees and those of the financial services business related to the Chrysler Group.
Dr. Dieter Zetsche, Chairman of the Board of Management of DaimlerChrysler AG and Head of the Mercedes Car Group is confident that this is the perfect solution that will create the best situation for a new start for both Chrysler and Daimler.
The complete transaction is expected to take place in the course of the third quarter of this year.