It is done: Cerberus takes majority control of Chrysler

It’s finally official – Cerberus has taken majority control of the Chrysler group. As announced in May, Cerberus has now taken over 80.1% in the Chrysler Holding LLC, while DaimlerChrysler retains a 19.9% interest.

Under the majority of Cerberus, Chrysler has a good start as a successful stand-alone car company. As of today, the Board of Management of DaimlerChrysler AG is reduced to six members: Tom LaSorda, Eric Ridenour and Tom Sidlik are no longer members. Within the Board of Management, Bodo Uebber additionally assumes responsibility for procurement.

Due to the new corporate structure, DaimlerChrysler AG is to be renamed as Daimler AG. The shareholders are to decide on this change at an Extraordinary Shareholders’ Meeting in Berlin on October 4, 2007.

The effects on the financial statements of DaimlerChrysler will be explained on August 29, 2007.

[tags]Cars, Car, Auto, Automobile, Vehicles, Technology, Auto News, News, Automotive, Daimler, Chrysler[/tags]