Archive for Misc.

Equity Firm Cerberus Buys Majority Stake in DaimlerChrysler

It didn't take long for the news to hit the mass media: Private equity firm Cerberus Capital Management is purchasing a controlling stake in the Chrysler division of DaimlerChrysler, which is selling 80 percent of the Chrysler Group for $7.4 billion. The financial genius' at Daimler purchased Chrysler for $36 billion in 1998.

The following is a summary of the deal from DaimlerChrysler's website:

  • Affiliate of Cerberus to acquire 80.1% equity interest in new company Chrysler Holding LLC; DaimlerChrysler AG to retain 19.9%
  • Obligations for pensions and healthcare costs to be retained by Chrysler companies
  • Transaction expected to result in net cash outflow of EUR 0.5 billion for DaimlerChrysler
  • DaimlerChrysler’s net profit according to IFRS in 2007 to be reduced in a range of EUR 3-4 billion
  • Equity ratio of DaimlerChrysler’s industrial business is expected to be over 40% by the beginning of 2008
  • Extraordinary Shareholders’ Meeting to decide on change of name to Daimler AG
  • DaimlerChrysler CEO Dieter Zetsche on the realignment of DaimlerChrysler AG: "We will be the leading manufacturer of premium vehicles and a provider of premium services in every market segment we serve worldwide."
  • UAW President Ron Gettelfinger: "The transaction with Cerberus is in the best interests of our UAW members, the Chrysler Group and Daimler."
  • Cerberus Capital Management Chairman John Snow: "Cerberus believes in the inherent strength of U.S. manufacturing and of the U.S. auto industry. Most importantly, we believe in Chrysler."

More info is available at here.

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Car Collection Seeks Mansion

AMG Market | Mercedes-Benz Enthusiasts Dunn MansionFinding a mansion built specifically for a car collection isn't easy – but they do exist. A unique mansion built to display 18 cars is for sale in beautiful Kingsmill, which is located in Williamsburg, VA (USA). For a cool $2.4 million it can be yours.

This car enthusiast's dream home was built by Jack Dunn. Tragically, Jack died in an automobile accident and his estate is being sold. Jack was a member of the Virginia Section of the Mercedes-Benz Club and other automobile clubs. VeloceToday has a detailed story of the mansion here for those interested.

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Mercedes-Benz S-Class and SL-Class Among Most Stolen

The Mercedes-Benz S-Class and SL-Class vehicles are among the top 7 cars most likely to be stolen according to data released by the Highway Loss Data Institute (HLDI), which tracks per-car theft losses. The rankings are reported in relative terms.

For example, a car with an HLDI theft loss score of 100 is considered to be average – numbers above 100 are higher than average. The Cadillac Escalade EXT has an astronomical loss ranking of 1,728. The Mercedes-Benz S-Class and SL-Class rank 6th and 7th on the list; rankings of 227 and 209, respectively.

Additional Resources

Forbes has a more detailed story on the HDLI's report. The article is published here on MSNBC  for those interested.

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Smoke’n the Tires Ignites Mercedes CLK-DTM

How embarrassing is this? During a recent DTM presentation in Düsseldorf, a 2002 Mercedes CLK-DTM race car outfitted with a 2008 C-Class body went up in flames. The driver, Bruno Spengler, decided to thrill the crowd with a few burning hot doughnuts – and thrill the crowd he did. The incident was so embarrassing in fact that DaimlerChrylser published an official press release to explain the incident.

Here's an excerpt of the press release. You can read the full press release over at CARSCOOP.

DaimlerChrysler: An incident, in which nobody got injured, occurred during the DTM presentation programme at Düsseldorf’s Königsallee. The rear of a former DTM race car (Mercedes-Benz CLK-DTM from the year 2002), driven by Bruno Spengler, caught fire due to an overheated brake. The car was a five-year-old race car that had been fitted with the bodywork of the new C-Class for demonstration runs.

Here's the video from YouTube (Warning: the video includes an MP3/music overlay that's not rated G; turn your sound off if you prefer):


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