Cerberus To Take Over Majority Interest in Chrysler Group And Related Financial Services Business For $7.4 Billion From DaimlerChrysler

Welcome back ladies and gentlemen; if you’re a mother, I hope you had marvelous Mother’s Day, and for everyone else, I hope you did something special for your mom. To kick things off this morning, we have news that we’ve known was coming for some time now, it was just a question of when and who. Today, the when and who have been unveiled, with DaimlerChrysler announcing they’re releasing 80.1% equity interest of the Chrysler Group to an affiliate of Cerberus for the tidy sum of $7.4 billion. This, of course, is subject to approval by the Supervisory Board and a number of closing conditions, but in all probability, DaimlerChrysler AG will soon be known as simply Daimler AG.