Cerberus Capital Management is to acquire an 80.1 per cent stake in DaimlerChrysler's struggling Chrysler Group division and its financial services business for €5.5 billion.
The deal calls for Chrysler to retain obligations for pensions and healthcare costs and will result in a net cash outflow of €0.5 billion for DaimlerChrysler, the world's fifth-biggest carmaker said in a statement.
DaimlerChrysler shares extended gains on the news and were up more than 7 per cent by earlier this morning.
