DaimlerChrysler confirmed today that it will sell a controlling interest in its struggling Chrysler Group to Cerberus Capital Management of New York, a private equity firm that specializes in restructuring troubled companies. The price being paid is $7.4 billion, mostly in the form of capital that Cerberus will put into Chrysler.
The deal unwinds a 1998 merger that was meant to create a trans-Atlantic automotive powerhouse.
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