You should relates dallas mavericks not place mavericks reasons undue reliance on forward-looking statementscontained in this press release, and Defense Solutions undertakes no obligationto publicly update forward-looking statements, whether as a result of newinformation, future events or otherwise Defense Solutions Holding, Inc.John A. Little, 610-833-6000PresidentorThe Investor Relations GroupInvestor Relations:Adam Holdsworth/James Carbonara, 212-825-3210orMedia Relations:Steven Melfi/Mike Graff, 212-825-3210 Copyright Business Wire 2009. NEW YORK (Reuters) – Less than two years after paying more than $7 billion to take control of Chrysler, Cerberus Capital Management agreed to give away more than a third of the struggling automaker to Italy’s Fiat without any cash in return. Deals | Inflows OutflowsDespite the desperate terms of the swap, analysts said Cerberus could still emerge a winner by moving closer to an exit strategy for its troubled investment in the struggling U.S. automaker.The private equity firm, which owns an 80.1 percent stake in Chrysler, would give Italy’s Fiat a 35 percent share in Chrysler in exchange for access to Fiat’s small car technology and overseas markets.The stark terms of the cash-free deal with Fiat would leave Cerberus with a diminished stake in an automaker still facing an uncertain future and an alliance that will almost certainly force it to yield some operational control, analysts said Dallas Mavericks tickets .But Cerberus could still look to limit its losses after clinching a U.S. government rescue for Chrysler’s automaking operations and its affiliated finance arm, Chrysler Financial.Chrysler’s automaking arm won $4 billion in emergency funding from the U.S.
government, while Chrysler Financial was given $1.5 billion in loans last week by the U.S mark cuban dallas mavericks . Treasury.Cerberus snapped up Chrysler, which owns the Jeep, Dodge and Chrysler brands, in a $7.4 billion deal with former Chrysler owner Daimler AG in 2007 mavericks.com .The Chrysler stake was the single largest investment Cerberus made, and was initially about 7.5 percent of Cerberus’s assets under management.At the time of the Chrysler deal, Cerberus and its reclusive founder, Stephen Feinberg, said the firm’s goal was to rescue a struggling American icon american airlines center . But after the Fiat deal, Chrysler would be almost 55 percent owned by Europeans.”Basically I think what is happening is that Cerberus is trying to perhaps divert the responsibility for financing of Chrysler,” said Dennis Virag, president of the Automotive Consulting Group.Daimler, which still owns a 19.9 percent stake in the automaker, has written down the book value of that investment to zero.SLUMPING SALESCerberus’ investment has come back to bite it as surging oil prices and a slump in sales in 2008 exposed the weakness of Chrysler’s reliance on trucks and sport utility vehicles, prompting many analysts to warn it could not survive without a partner.Chrysler’s U.S dirk nowitzki . sales dropped by 30 percent in 2008, the largest decline for any of the major automakers.Chrysler faced deeper problems than its larger rivals Ford Motor Co (F.N) and General Motors Corp GM.N because of its reliance on trucks and SUVs and its dependence on the U.S mavs tickets . market for about 90 percent of its sales.One positive part of the deal with Fiat is that it would give Chrysler access to overseas markets, analysts said.But details of the Fiat alliance are still being discussed, according to one banker who declined to be identified.Those still-to-be-resolved questions include governance and control.
With a 35 percent stake, Fiat is likely going to want board seats at Chrysler.With key elements remaining to be resolved, there is always a chance that the unusual deal could unravel, another banker said.THE VIABILITY TESTUnder its U.S dallas morning news mavericks . government rescue, Chrysler must demonstrate by the end of March that it can be viable, and the automaker said the proposed Fiat deal would move it toward that goal.Fiat said it would aid Chrysler in putting together its turnaround plan for U.S josh howard . officials ahead of an initial February 17 deadline.JP Morgan analyst Himanshu Patel said the deal appeared to have “minimal downside” for both Fiat and Chrysler and could help the U.S marc cuban Mavericks tickets . automaker secure another round of bailout funds.But Patel said Chrysler could still face the risk of failure down the road if the U.S mavericks playoff tickets . market fails to recover.Even after the deal, Cerberus would still own 80 percent of Chrysler Financial. The firm would like to hold on that arm as well as its stake in GMAC, people familiar with its planning have said.GMAC won approval from the Federal Reserve to become a bank holding company last month, giving the auto finance company access to government lending programs.As a condition for winning bank status and access to low-cost funding from the Fed, Cerberus would have to reduce its 51 percent stake in GMAC to 33 percent of total equity Dallas Mavericks .Cerberus has also been in talks with several other automakers as the February 17 deadline approaches, sources familiar with the matter have said.
The firm has spoken with Nissan Motor Co (7201.T), Volkswagen (VOWG.DE), Tata Motors (TAMO.BO) and some Chinese automakers.”I see Cerberus trying to walk away or get out of the ownership in Chrysler totally,” Virag said dalla mavericks Mavericks tickets – nba . “There is no benefit in maintaining any equity for Cerberus.”(For more M&A news and our DealZone blog, go to)(Additional reporting by Megan Davies in New York, and Kevin Krolicki and Poornima Gupta in Detroit, editing by Matthew Lewis) Deals Inflows Outflows mavericks basketball . ArvinMeritor Hosts Conference Call and Web Cast to Present Fiscal Year 2009First-Quarter EarningsTROY, Mich., Jan 20 /PRNewswire-FirstCall/ — ArvinMeritor, Inc lakers . (NYSE:ARM) will host a conference call and Web cast to present the company’s fiscalyear 2009 first-quarter financial results on Wednesday, Feb 4, 2009, at 9a.m bulls . (ET).To participate, call (617) 213-4864, ten minutes prior to the start of thecall Please reference pass code 71784700 when dialing in. Investors can alsolisten to the conference call in real time – or for seven days by recording -by visiting replay of the call will be available from 12:00 p.m.Feb 4, to 11:59p.m.Feb.
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