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Daimler-Chrysler To Sell Major Part Of Company

Last updated on Monday, May 14, 2007

(UNDATED) - Daimler-Chrysler says it will sell an 80.1% percent stake in its Chrysler unit to an affiliate of private equity firm Cerberus Capital Management for $7.4-billion.

Daimler-Chrysler says it will retain the obligations for Chrysler's pensions and healthcare costs.

Once the deal is completed, Daimler-Chrysler will be known as Daimler AG. Daimler-Chrysler has major operations in Indiana.

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