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Detroit News story....
Cerberus Capital Management has reached agreement to buy the Chrysler Group in what would be a landmark acquisition of a major automaker by a private-equity firm, according to people close to the sale process.
The deal follows marathon negotiations between New York-based Cerberus and DaimlerChrysler AG, and is expected to be formally announced as soon as Monday.
DaimlerChrysler is said to have chosen Cerberus over bids by rival private-equity giant Blackstone Group and Canadian auto supplier Magna International Inc.
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....people close to the process said Chrysler CEO Thomas LaSorda will remain as the top executive of the Auburn Hills-based automaker.
Cerberus executive Wolfgang Bernhard, Chrysler's one-time chief operating officer, will likely have a senior board position in the automaker's new corporate structure.
The deal follows marathon negotiations between New York-based Cerberus and DaimlerChrysler AG, and is expected to be formally announced as soon as Monday.
DaimlerChrysler is said to have chosen Cerberus over bids by rival private-equity giant Blackstone Group and Canadian auto supplier Magna International Inc.
>
....people close to the process said Chrysler CEO Thomas LaSorda will remain as the top executive of the Auburn Hills-based automaker.
Cerberus executive Wolfgang Bernhard, Chrysler's one-time chief operating officer, will likely have a senior board position in the automaker's new corporate structure.