DaimlerChrysler has finally dumped Chrysler to private equity group Cerberus Capital Management for US$7.45 billion, or 5.5 billion euros. DaimlerChrysler will still retain 19.9 pecent of Chrysler, which means perhaps a name change will not happen anytime soon. The Cerberus stake is the entire 80.1 percent that’s being dumped off.

DaimlerChrysler CEO Dieter Zetsche said DCX has no plans to sell it’s remaining 19.9 percent of Chrysler, adding that it wanted to maintain close ties with Chrysler.