Daimler seeks Chrysler stake sale
Posted by admin on 24 September, 2008 under Business news | 
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Daimler has said it is in talks with private equity group Cerberus to sell its remaining 19.9% in struggling US carmaker Chrysler.
Cerberus bought 80.1% of the firm in May 2007 after Daimler walked away from its huge investment.
The $7.4bn (£4.1bn) deal was struck just before a sharp slowdown in overall US car sales. The value of Daimler’s remaining stake is unknown.
Chrysler is restructuring – closing factories and cutting jobs.
US consumers are moving towards smaller and more fuel efficient vehicles amid higher fuel prices.
However gas-guzzling light trucks make up about 70% of Chrysler’s production volume.
The company’s sales fell by almost 25% in the first eight months of 2008.
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