Monday, Dec 05, 2016
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Automotive

Daimler board OKs sale of Chrysler

BERLIN DaimlerChrysler AG s supervisory board gave its formal approval yesterday for the shedding of its money-losing Chrysler unit, clearing the way for the company to re-enter the market as a streamlined Daimler AG.

The vote by the board, the equivalent of a U.S. board of directors, was taken two days after the company announced plans to sell an 80.1 percent stake in Chrysler to the private equity firm Cerberus Capital Management LP.

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