Wednesday, May 16, 2007

Daimler supervisory board approves Chrysler sale

Chrysler CEO Tom LaSorda (right) with DaimlerChrysler CEO Dieter Zetsche (middle)

Reuters |
May 16, 2007 - 8:00 am

FRANKFURT (Reuters) -- DaimlerChrysler's supervisory board has approved the sale of a majority stake in the Chrysler group to private equity group Cerberus Capital Management, the carmaker said today.

Company officials had said when the $7.45 billion (5.5 billion euro) deal was announced on Monday that board approval was a formality because labor representatives on the board had already expressed their support for the transaction.

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