Daimler, Chrysler divorce

Daimler ended a nine-year marriage with Chrysler and said goodbye Monday to one of the biggest-ever transatlantic mergers by agreeing to sell the loss-making US firm for just a fraction of its original purchase price.

As part of its ambitions to become a truly global player, Daimler had acquired Chrysler for $36-billion in 1998 and has ploughed billions more into the US auto maker in subsequent years.

But the group was finally forced to ditch its dream of global domination on Monday when Daimler announced that it was drawing a line under an investment that had turned disastrously wrong by selling it to US private equity firm Cerberus.

Read Full Article from iAfrica.com

- Posted: 2007-05-14 10:18:44

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