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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.

Hertz announces Ford Mustang-based Hertz Penske GT rental car

There's nothing wrong with your basic cloth-interior rental cars, but there are times when you want to stumble off the plane and into something a bit more stimulating than a CVT-equipped Versa. Fortunately, rental car companies seem to be willing to answer the enthusiast call. Last week we told you about the Hertz Dream Car lineup and its $1,500-per-day Ferraris, but the company has also developed the muscle-car oriented Adrenaline Collection.

Saab files for bankruptcy: the end of the Swedish saga

Saab has reached the end of the road - for the second time in two years, just before Christmas. Parent company Swedish Automobile today announced that Saab had filed for bankruptcy. Owner and acting CEO Victor Muller had been trying to sell Saab as a going concern and had come close to signing a deal with Chinese car makers Pang Da and Youngman, but the deal was blocked by former owner General Motors which feared its technology - powering the new 9-5, plenty of the 9-3 range and the 9-4X - would fall into opposition hands in China.