DaimlerChrysler Split

Stories

15 Stories

April 2009
- Auto Workers Fear Deep Cuts in Pensions
  
  Washington Post | Apr 24, 09 8:03 AM CDT
  
  (Newser) - As Chrysler and possibly GM head toward bankruptcy court, nearly a million retired workers fear deep cuts to their pensions and health plans, reports the Washington Post . Though the Obama administration is hoping to mitigate cuts, the plans are underfunded by billions of dollars. “I feel betrayed,” says one Chrysler worker. “They offered these incentives for us to take early retirement, and I took one. Now it looks like my fixed income wasn't so fixed.” More »
November 2008
- Chrysler Execs to Get $30M in Retention Bonuses
  
  Detroit Free Press | Nov 14, 08 10:11 AM CST
  
  (Newser) - Even as nearly bankrupt Detroit automakers beg Congress for a bailout, Chrysler is preparing to pay its top executives $30 million in retention bonuses, the Detroit Free Press reports. Chrysler says the deals were necessary measures to keep top talent in place when they were conceived last year during Daimler's sale of Chrysler, but a human resources VP admits they might be a bit controversial now. More »
August 2008
- Viper Might Be Luxury Chrysler Can Do Without
  
  BusinessWeek | Aug 28, 08 3:15 PM CDT
  
  (Newser) - Despite a $1.1 billion operating profit in the first half of the year, Chrysler is hemorrhaging money. In a bid to raise another billion, the company is looking to sell off its iconic Dodge Viper line, BusinessWeek reports. The Viper has sold a mere 594 cars since January, and has become a specialty product removed from the rest of Chrysler's line, experts say. More »
February 2008
- Chrysler Loss Deepened After Daimler Split
  
  Wall Street Journal | Feb 28, 08 12:56 PM CST
  
  (Newser) - Chrysler lost nearly $2.9 billion in a 2-month period last fall, after its split from Daimler, a filing by the German company shows. The filing by Daimler, which retains 19.9% of the automaker, offers a rare look at how costly the company's reorganization effort has been since it was taken private by Cerberus Capital Management in May, the Wall Street Journal reports. More »
August 2007
- Life Without Chrysler Suits Daimler Fine
  
  BusinessWeek | Aug 30, 07 4:31 PM CDT
  
  (Newser) - Rid of the Chrysler albatross since its May sale, German automaker DaimlerChrysler says its profits are taking off, Business Week reports. CEO Dieter Zetsche said yesterday the company—which aims to strip "Chrysler" from its name this fall—is likely to beat his estimates of 7% profit this year, and hit 10% by 2010, which would boost it past luxury rival BMW. More »
- Where is Stephen Feinberg Taking Chrysler?
  
  Portfolio | Aug 15, 07 1:38 PM CDT
  
  (Newser) - Portfolio does its best to profile Stephen Feinberg—the ultra-secretive, ultra-cutthroat CEO of Cerberus Capital Management—without talking to him. Feinberg avoids the media like the plague, preferring to bring faltering companies into the black in secret, and his shadowy plans for new stepchild Chrysler are no exception. More »
- In Nardelli, Chrysler Found Its Maverick
  
  Reuters | Aug 7, 07 4:30 AM CDT
  
  (Newser) - Former Home Depot chief Bob Nardelli has a reputation for being a brusque, hard-edged maverick, and that’s exactly what his new bosses at Chrysler want, Reuters reports. Cerberus Capital Management hopes to stem losses at the automaker by cutting costs, particularly in the delicate area of unionized workers. Nardelli’s gruff style may improve numbers—or it may wind up confounding labor negotiations. More »
- Ex Home Depot Chief Takes Chrysler Wheel
  
  Wall Street Journal | Aug 6, 07 9:03 AM CDT
  
  (Newser) - In a major shake up, Chrysler 's chief executive will be replaced by former Home Depot boss Bob Nardelli, the Wall Street Journal reports. An auto official called Nardelli a "real change agent" in an industry rocked by foreign competition. Nardelli is the second auto-industry neophyte to be named recently to head one of the "Big Three" car companies. More »
May 2007
- Chrysler Sale Suggests New Deal for Detroit
  
  Wall Street Journal | May 15, 07 7:41 AM CDT
  
  (Newser) - The sale of Chrysler to private-equity firm Cerberus Capital Management could be a watershed for the entire industry, the Wall Street Journal predicts. Cerberus thinks it can make the embattled carmaker profitable by restructuring its debilitating $18-billion health care and pension liability. If it succeeds without resorting to bankruptcy—which the airlines have found necessary—GM and Ford will surely follow. More »
- "Vulture Fund" Behind Chrysler Deal
  
  Der Spiegel | May 14, 07 10:49 PM CDT
  
  (Newser) - Der Spiegel vivisects Cerberus, the private equity group that won Chrysler for a relative bargain today from German auto giant Daimler. Financier Stephen Feinberg's 15-year-old firm has $60 billion in assets, and specializes in companies on the brink of bankruptcy. The group avoids the spotlight, recruits former CEOs and politicians, including John Snow and Dan Quayle, and flips its holdings expeditiously. More »
- Daimler to Unload Chrysler in $7.4B Deal
  
  Associated Press | May 14, 07 7:34 AM CDT
  
  (Newser) - DaimlerChrysler has sold a majority stake in the Chrysler Group to the American private-equity firm Cerberus for $7.4 billion, the auto giant announced today. The deal unhooks the money-losing American arm of the international conglomerate from its German partner, which will retain a 19.9% stake in Chrysler and change its name to Daimler AG as soon as this fall. More »
- Cerberus Close to Consuming Chrysler
  
  Reuters | May 13, 07 10:10 PM CDT
  
  (Newser) - Private equity firm Cerberus Capital Management is said to have cut a deal to buy Chrysler from DaimlerChrysler. Cerberus has lots of experience in negotiating for assets in the auto industry, having led the buyout of auto parts maker Delphi, which has not yet closed and may yet fall apart. More »
- Russian Billionaire's Plans May Hold Up Chrysler Purchase
  
  Wall Street Journal | May 11, 07 12:37 PM CDT
  
  (Newser) - A Russian billionaire with possible mob ties plans to buy a major stake in the company that aims to purchase Chrysler. If aluminum magnate Oleg Deripaska does buy the $1.54 billion stake in Magna International, the cash will come in handy for the Chrysler deal. But Oleg's shady past may raise flags for regulators, the Wall Street Journal reports. More »
April 2007
- Kerkorian Offers $4.5 Billion For Chrysler
  
  Detroit Free Press | Apr 5, 07 4:18 PM CDT
  
  (Newser) - Beverly Hills billionaire Kirk Kerkorian has offered to buy the Chrysler group for $4.5 billion. Kerkorian's investment company, Tracinda Corp., can pay cash for the ailing automotive giant, and is pitching an extra $100 mil for an exclusive two-month period to run due diligence. Tracinda told parent DaimlerChrysler it can work with both management and the UAW, which would have an equity stake. More »
- DaimlerChrysler Wants Divorce
  
  Detroit Free Press | Apr 4, 07 4:22 PM CDT
  
  (Newser) - DaimlerChrysler is trying to unload its clunky Detroit half, its CEO (and occasional company mascot) Dieter Zetsche confirmed at a shareholder's meeting today. The news, which comes after nearly two months of eager speculation, was a relief to frustrated German shareholders, who have long seen Chrysler as a drag on the Daimler-Benz brand. Now Chrysler just needs to find a suitor. More »