Wednesday, July 11, 2007

Cerberus chairman to discuss impact of pending Chrysler sale

John Snow, chairman of Cerberus Capital Management, will address the Detroit Economic Club this afternoon in a speech that is expected to touch on the impact on the North American auto industry of the private equity firm’s ongoing work to take control of the Chrysler Group.

The econ club also says Snow, a former U.S. Treasury secretary, will talk about the growing role of private equity investment in the global economy.

It was announced in May that Cerberus would acquire 80.1% of Chrysler from its parent company DaimlerChrysler AG in a deal valued at $7.4 billion.

DaimlerChrysler will keep 19.9% ownership of the new Chrysler. The deal is expected to be completed soon.

The speech will be held at the Royal Park Hotel in Rochester and is sold out.

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