DaimlerChrysler Sells Part of Portfolio to GE
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DaimlerChrysler is selling part of its commercial financing portfolio in the United States to a unit of General Electric Co. for $1.2 billion.
The deal will give GE Capital the commercial real estate and asset-based lending portfolio of Norwalk, Conn.-based DaimlerChrysler Capital Services.
GE Capital is the Stamford, Conn.-based financial services arm of General Electric.
The sale is part of a wider DaimlerChrysler strategy to raise money and focus on its core automotive business. DaimlerChrysler Capital Services’ portfolio is worth around $114 billion. It is responsible for commercial financing within DaimlerChrysler Services and specializes in big-ticket assets like aircraft, commercial real estate and ships.
Shares of GE stock were down 10 cents to close at $37.55 on the New York Stock Exchange. DaimlerChrysler shares were down 8 cents to $40.87, also on the NYSE.
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