Some big news here. Chrysler is sold to Cererbus Capital. It's official. From the AP
DETROIT (AP) — Chrysler became an American company again Friday as Cerberus Capital Management gained a controlling share from Chrysler's German owners and started on the long road to restoring the 82-year-old automaker's luster — and profits.
DaimlerChrysler AG transferred an 80.1 percent stake in Chrysler to New York-based Cerberus, one of the world's largest private equity firms, in a $7.4 billion deal. The German automaker retained a 19.9 percent interest in the new company, Chrysler LLC.
"After months of uncertainty, then a period of transition, we are beginning a new chapter in Chrysler's proud history — and we have the chance to write a terrific story," Chrysler Chief Executive Tom LaSorda said in an e-mail to employees.
With the closing, Chrysler becomes the first U.S. automaker in private hands since Ford Motor Co. went public in 1956. Chrysler, which plans a companywide celebration Monday where it will revive its five-sided star logo, will be free of the short-term quarterly earnings pressures that public companies face, since there will be no Chrysler shares.
This is a riceburner free zone.
While I'm a Ford family and only buy Ford products, I always root for all of the Big 3. When the Big 3 does well, there's more jobs and more wealth in Michigan, especially East Michigan. I hope Chrysler does well, and hope to see a return of the days when the Big 3 dominated.