Daimler’s remaining stake in Cerberus-owned Chrysler hasn’t exactly been beneficial for the German automaker’s bottom line, but Daimler is looking to reduce its exposure to the ailing automaker by selling its 19.9 percent share of the Michigan-based Chrysler.
According to Automotive News, Daimler is looking to unload its remain stake of Chrysler as the troubled automaker faces the very real possibility of Chapter 11 protection. “If an interesting offer were made to us, then we would not wait for our remaining stake to become valuable again. There is no right of first refusal for Cerberus,” Bodo Uebber told the Boersen-Zeitung.
A Daimler spokesman added that Daimler is currently negotiating exclusively with Cerberus, the majority stakeholder of Chrysler .
Chrysler has already received $4 billion in emergency financial aid, with another $5 billion request. However, the U.S. Treasury Department has already begun seeking private financing, indicating Chrysler could be forced for Chapter 11 bankruptcy protection in the coming months.
