DC Board Approves Chrysler Plan

DaimlerChrysler AG’s supervisory board puts its stamp on the proposal to hand over a majority stake in Chrysler Group to Cerberus Capital Management LP.

The deal, announced on Monday, will make Cerberus an 80.1% stakeholder in Chrysler Holding LLC, while a newly named Daimler AG will control the remaining 19.9%. Chrysler Holding will wholly own two separate companies, Chrysler Corp. LLC, which encompasses the auto maker’s industrial operations, and Chrysler Financial Services LLC.

DC expects to close the deal with Cerberus in the third quarter.