After 9 years and about $36 billion investment, Daimler finally sold it's lossmaking Chrysler unit to Cerberus, a private equity fund. Daimler will still retain 19,9% of Chrysler, with Cerberus controling the rest.
Shares of DaimlerChrysler were up 3.5 percent in both Frankfurt and New York trading just before 10 a.m. , although that is off from earlier gains soon after the announcement. Shares of the company have risen more than 30 percent in the three months since it announced it was looking to sell Chrysler.
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