Chylser deal approved

silentneon01 · Post by **silentneon01** » Tue Jun 19, 2007 4:57 pm

AP
Regulators Clear Chrysler Purchase
Tuesday June 19, 4:28 pm ET
By Christopher S. Rugaber, AP Business Writer
Federal Antitrust Regulators Approve Cerberus's $7.4B Purchase of Chrysler

WASHINGTON (AP) -- Federal antitrust regulators have cleared Cerberus Capital Management's $7 billion purchase of Chrysler, two people close to the deal said Tuesday.
The Federal Trade Commission made its decision before the end of a standard 30-day review, according to two people, who spoke on condition of anonymity because they were not authorized to speak publicly on the matter. Early termination of an FTC review typically signifies there will be no conditions placed on the deal.

The FTC refused to comment.

DaimlerChrysler agreed last month to transfer an 80.1 percent stake in its money-losing Chrysler unit to the New York-based private-equity firm Cerberus Capital.

As part of the $7.4 billion takeover cost, Cerberus would invest $6.05 billion in Chrysler and its financing arm and would pay DaimlerChrysler $1.35 billion. DaimlerChrysler would remain liable for certain costs that could result in it paying up to $1.5 billion under the deal.

Cerberus, however, agreed to take on $19 billion of the auto company's retiree health care costs.

The two companies expect to close the transaction in the third quarter. Daimler's board approved the transaction last month.

The Chrysler purchase adds to Cerberus' automotive holdings, which include a 51 percent stake in GMAC Financial Services. It also owns Guilford Mills, the largest automotive seating supplier in the U.S., and Peguform Group, a German-based manufacturer of interior and exterior plastic parts used in automobiles.

Shares of DaimlerChrysler rose 22 cents to $92.37 Tuesday.

MoxHair · Post by **MoxHair** » Tue Jun 19, 2007 5:32 pm

I Foresee Great things ahead for us Mopar Fans

hansken_yo · Post by **hansken_yo** » Tue Jun 19, 2007 5:38 pm

I hope your right....

MoxHair · Post by **MoxHair** » Tue Jun 19, 2007 5:40 pm

It also owns Guilford Mills, the largest automotive seating supplier in the U.S., and Peguform Group, a German-based manufacturer of interior and exterior plastic parts used in automobiles

Well if good things don't happen.. At least we'll get fast4r interiors.

flamingpinhead · Post by **flamingpinhead** » Tue Jun 19, 2007 10:10 pm

well, hopefully they do well and turn things around for the slipping company

titansxt · Post by **titansxt** » Tue Jun 19, 2007 10:42 pm

MoxHairR/T wrote:I Foresee Great things ahead for us Mopar Fans

Yea, like real cars.

Midnight_Rider · Post by **Midnight_Rider** » Wed Jun 20, 2007 12:10 am

Earthmoving at Getrag site in Tipton, IN already started (factory slated to open in '09). Laid-off Chrysler KTP employees have first pick of jobs. Just thought that I would throw that in.

Oh, and a message to Daimler- GET LOST!