Wednesday, Sep 28, 2016
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Automotive

Losses at Chrysler cut value of Daimler s stake

STUTTGART, Germany Daimler AG cut the value of its stake in former division Chrysler LLC by 40 percent because of losses at the U.S. automaker.

The 19.9 percent stake is now worth $853 million, Bodo Uebber, Daimler s chief financial officer, said yesterday. In August, the maker of Mercedes-Benz luxury cars and Freightliner heavy-duty trucks sold 80.1 percent of Chrysler to Cerberus Capital Management LP.

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