Cerberus Capital Management has reached agreement to buy the Chrysler Group in what would be a landmark acquisition of a major automaker by a private-equity firm, according to people close to the sale process.
The deal follows marathon negotiations between New York-based Cerberus and DaimlerChrysler AG, and is expected to be formally announced as soon as Monday.
The private equity craze (much like the corporate raiders of the 80s memorialized in Wall Street ) exists to extract wealth, not create it. Ah-nuld must be dancing with glee.
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