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.
02/24, 1:24 PM
posted by:
The Stig
Quick, sell it before Chrysler tanks. If Daimler can get more than $1 I’d be impressed.
02/24, 1:31 PM
posted by:
Zcarsales
“Hey man, you gotta little bit of Chrysler on your chin.”
While wiping it off, “Thanks.”
02/24, 1:36 PM
posted by:
California GT
Its like a bad rash.
02/24, 2:40 PM
posted by:
johnnycanuck
I’ll take “I don’t care if you have to use rusty forceps just pull that f*cking thing out of me” for $100 Alex.
02/24, 2:50 PM
posted by:
Borat
I hope Benz will have to see a doctor for a long time after this intercourse.
02/24, 3:40 PM
posted by:
yarddog82abn
Why did they hold on to the stock in the 1st place?
02/24, 3:42 PM
posted by:
Borat
Greed?
02/24, 3:49 PM
posted by:
No more oil for GM
i guess they can’t even give it away for free.. no one wants the crap
02/24, 3:51 PM
posted by:
johnnycanuck
The last fang just wouldn’t come out of Chrysler’s neck?
02/24, 4:13 PM
posted by:
miket
Didn’t chrysler want to buy it back a few months ago and they could not work out a deal. I say leave em with it.