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Chrysler sold in £3.76 billion deal

By Ben Whitworth Motor Industry 17 May 2007 09:38 Chrysler has been sold. In one of the biggest private equity deals seen in the automotive industry, Cerberus Capital Management has purchased 80.1% of Chrysler in a £3.76billion deal, leaving DaimlerChrysler with the remaining 19.9% stake in the loss-making company. The move marks the close of arguably the most high-profile transatlantic merger and shuts the door on Canadian car assembly giant Magna and billionaire Kirk Kerkorian, who last month offered £2.27billion for Chrysler.

Chief engineer of Ford Focus quits to lead German yacht builder

Jens Ludmann, chief program engineer for Ford Motor Co.'s new Focus, is quitting the automaker to head a German-based maker of luxury yachts. Ludmann led a team at Ford's European base in Merkenich, near Cologne, Germany, that developed the Focus, the first car from CEO Alan Mulally's global One Ford strategy and flagship of the company's new range of global C-segment products. The German native, who joined Ford in 2000, will become CEO of Bavaria Yachtbau GmbH, effective Aug.

Bentley to debut Continental GTC Speed at Detroit show

Bentley will complete its Speed portfolio when it introduces a freshened Continental GTC range at the Detroit auto show. Along with exterior and equipment changes, a new GTC Speed model is added with a more powerful version of the 6.0-liter twin-turbocharged W12 that churns out 600 hp and 553 lb-ft of torque for an improvement of 48 hp and 74 lb-ft over the regular GTC. The result is Bentley's most powerful convertible to date.