German automaker DaimlerChrysler has found a buyer for most of Chrysler. The company said Monday that Cerberus Capital is acquiring 80 percent of the automaker.
The 1998 marriage of Daimler and Chrysler never really lived up to expectations. And now nine years later Daimler, which spent $36 billion for Chrysler nearly a decade ago, says it will sell its majority stake in Chrysler to the private equity firm Cerberus Capital Management for $7.4 billion.
Because of offsets and other moving parts of the deal, Daimler Chairman Deiter Zetsche acknowledged getting out from under Chrysler will actually cost Daimler money in the near term.
Much of that is due to the $18 billion in pension and health care liabilities Chrysler carries. The sale is expected to close in the third quarter of this year.