EU approves Cerberus purchase of Chrysler from German parent DaimlerChrysler News AutoNews24h.com

EU approves Cerberus purchase of Chrysler from German parent DaimlerChrysler

Auto News : Auto Industry : DaimlerChrysler : Chrysler : EU approves Cerberus purchase of Chrysler from German parent DaimlerChrysler

BRUSSELS, Belgium (AP) _ EU regulators have given Cerberus Capital Management the go-ahead for its purchase of the money-losing Chrysler car division from DaimlerChrysler AG.

The European Commission approved the US$7.4-billion deal automatically because it didn't get any complaints and saw no antitrust problems.

It was the last regulatory approval needed for the takeover after U.S. authorities waved it through last month.

German-based DaimlerChrysler agreed in May to transfer an 80.1-per-cent stake in its U.S.-based Chrysler unit to the New York buyout firm.

Cerberus, in turn, agreed to invest US$6.1 billion in Chrysler and its financing arm and to pay DaimlerChrysler US$1.4 billion.

Canadian auto-parts maker Magna International (TSX:MG) had also been vying for Chrysler.

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