FRANKFURT, May 16 (Reuters) - DaimlerChrysler's supervisory board has approved the sale of a majority stake in U.S. arm Chrysler Group to private equity group Cerberus Capital Management [CBS.UL], the carmaker said on Wednesday.
Company officials had said when the 5.5 billion euro ($7.48 billion) deal was announced on Monday that board approval was a formality because labour representatives on the board had already expressed their support for the transaction.