U.S. News

Cerberus Capital Gets FTC Clearance to Buy Chrysler

Federal antitrust regulators have cleared Cerberus Capital Management's$7 billion purchase of Chrysler, people close to the deal said.

The Federal Trade Commission made its decision before the end of a standard 30-day review, according to two people, who spoke on condition of anonymity because they were not authorized to speak publicly on the matter. Early termination of an FTC review typically signifies there will be no conditions placed on the deal.

The FTC refused to comment.

Private-equity firm Cerberus agreed last month to pay DaimlerChrysler $7.4 billion for 80.1 percent of its U.S. automotive operations, which were bought by Daimler for $36 billion in 1998. The deal is expected to close in the third quarter.