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Submitted by jimmyp on April 15, 2008
Category: Business
Words: 1176 | Pages: 5
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THERE will be no immediate change to the corporate operations of DaimlerChrysler Australia/Pacific following last night’s announcement that the unprofitable Chrysler Group will be sold to New York private equity company Cerberus Capital Management LP for $US7.4 billion ($A8.95 billion).
The German automotive giant, which purchased the struggling American vehicle manufacturer in 1998 for a record $A43 billion, will retain a 19.9 per cent share in the new company, Chrysler Holding LLC, while an affiliate of Cerberus will gain a majority 80.1 per cent stake – along with Chrysler’s sizeable staff pension and healthcare liabilities.
"Our information is that outside NAFTA (the North American Free Trade Agreement region) there are no changes planned," the senior manager corporate communications for DCAP, David McCarthy, told GoAuto.
"That’s not to say some changes may eventually take place, but the reality is that international is working well. We believe this is an overwhelmingly positive outcome for both Daimler and Chrysler."
The most obvious result of the ownership split is a change in name for one of the world’s oldest car-makers.
Pending the approval of shareholders, DaimlerChrysler AG will become known simply as Daimler AG, rather than reverting to Daimler-Benz AG - the company’s long-time name before its marriage with Chrysler.
Despite the fact the two entities have failed to integrate as smoothly as promised through increased economies of scale, DCX has also announced that existing projects with the Mercedes Car Group will be continued, including the development of conventional and alternative drive systems, purchasing, sales and financial services outside North America.
A Joint Automotive Council will be established in which representatives of both parties will "assess and decide on the potential of new and current projects".
The...
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