Daimler bears $1 bln Chrysler pension risk

Newswire

FRANKFURT, May 21 (Reuters) - DaimlerChrysler has assumed a $1 billion risk from Chrysler should its pension plans be terminated before an agreement with U.S. agency Pension Benefit Guaranty Corporation (PBGC) expires in five years. A spokesman for Daimler said on Monday that it had shouldered the risk as part of a deal to sell its loss-making U.S. unit Chrysler to buyout firm Cerberus [CBS.UL], confirming a statement from the PBGC late last week. "We have said that with the closing of ...

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