Wednesday, September 24, 2008

Cerberus set to buy rest of Chrysler - report

FRANKFURT, Sept 24 (Reuters) - Private equity firm Cerberus Capital Management [CBS.UL] is in talks to buy the remaining 19.9 percent stake in U.S. carmaker Chrysler LLC still held by Daimler AG (DAIGn.DE: Quote, Profile, Research, Stock Buzz), Germany's Manager Magazin reported.

Citing unidentified company sources, the magazine said on Wednesday that final details were being worked out and a sale could be possible within weeks.

Cerberus bought 80.1 percent of Chrysler in May 2007 in a $7.4 billion deal struck just before turmoil erupted on financial markets, which has led in turn to a sharp slowdown in U.S. car sales.

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