Cerberus denies selling more than 50 percent stake in Chrysler, GMAC

A report made by the Financial Times this morning stated that Cerberus has sold more than half of its equity in Chrysler and GMAC to about 90 investors. The report said that investors cashed out as much as $1 billion in one or both companies.

A Cerberus spokesman later told Automotive News that “Nothing has changed,” and that “Cerberus hasn’t sold a nickel (of its investments).” A senior official from Chrysler also denied the report.

“There are always co-investors at the time of the transactions so when they originally purchased 80.1 percent of Chrysler, there were co-investors at that time,” said the Chrysler executive who wished to remain anonymous. “They still own 80.1 percent.”

Cerberus acquired 80.1 percent of Chrysler last year and a 51 percent in GMAC from GM in 2006.


Source: Automotive News (Subscription Required)