EU regulators wave through Chrysler sale

0 Comments | AFP, July, 2007

BRUSSELS (AFP) — EU competition regulators on Tuesday approved the purchase by US private equity fund Cerberus of an 80 percent stake in US carmaker Chrysler from parent company DaimlerChrysler.

The European Commission said it had "granted clearance" to the deal after a fast-track review for antitrust conflicts reserved for transactions not believed to pose any competition problems.

German car giant DaimlerChrysler announced in May that it had agreed to sell a stake of 80.1-percent in Chrysler to Cerberus for 5.5 billion euros or 7.3 billion dollars.

The deal would allow the German group, which will retain the remaining 19.9 percent in Chrysler, to focus on its profitable Mercedes brand and its heavy trucks division.

© 2007 AFP