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EU Approves Purchase of Chrysler by Cerberus

Private U.S. equity firm Cerberus won approval from the European Commission on Tuesday to buy the Chrysler operations of auto giant DaimlerChrysler, under a simplified procedure.

The deal was approved under the special procedure because neither customers nor competitors had objections.

In May, DaimlerChrysler agreed to shed most of its stake in the money-losing Chrysler Group by agreeing to pay a $1.55 billion sweetener to clinch a deal for Cerberus to take over the U.S. automaker.