DaimlerChrysler moved to undo the most expensive and one of the least successful mergers in auto industry history today — agreeing to sell its money-losing Chrysler unit for a fraction of what it paid nine years ago.
DaimlerChrysler will sell an 80 percent stake in its U.S. brand for $7.4 billion to Cerberus Capital Management, a private equity investment firm. German automaker Daimler-Benz paid $37 billion for Chrysler in 1998.
source: CNN.com
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