By Abby Deveney, MarketWatch
Auto-sector shares will likely get a boost from DaimlerChrysler's deal to sell most of its Chrysler unit to private-equity fund Cerberus. However, broader stock futures looked slightly weaker.
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DaimlerChrysler shares advanced 5% in Frankfurt after news of the majority stake sale to Cerberus, though broader European markets were mixed. Shares in Hong Kong and Japan traded higher.
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Nomura International analyst Michael Tyndall reiterated a buy rating on DaimlerChrysler even after saying he's not "overly excited" about the sale of Chrysler.
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Private-equity firm Cerberus Capital Management agreed to inject $7.4 billion into Chrysler Group in return for 80% of the ailing automaker, a move that effectively unwinds the deal struck between Daimler and Chrysler one decade ago. The news sent DaimlerChrysler shares up 5% in Frankfurt.
Members of Ford Motor Co.'s /zigman2/quotes/208911460/composite F +2.03% founding family are discussing the sale of part of their controlling stake in the money-losing automaker, Bloomberg News reported, citing three people with direct knowledge of the talks.
Mylan Laboratories Inc. , the Pittsburgh pharmaceutical producer, agreed to pay about $6.7 billion for the generic-drug operations of Merck KGaA of Germany.
Global platinum supplies outpaced consumption in 2006 for the first time in eight years, as world jewelry demand dropped more than 18%, according to the "Platinum 2007 Review" report from Johnson Matthey.
Cardinal Health Inc. /zigman2/quotes/206646342/composite CAH +0.46% said it would buy Viasys Healthcare in a deal worth about $1.5 billion. The acquisition values the Conshohocken, Pa. medical-device firm at a premium of 35%.
New York Community Bancorp Inc. the holding company for New York Community Bank and New York Commercial Bank, agreed to pay about $168.4 million of stock for Synergy Financial Group Inc. the Cranford, N.J., holding company for Synergy Bank.
Media company Tribune Co. said consolidated revenue for April fell 3.6% to $399 million. Publishing revenue in April was down 8.6% at $279 million, while advertising revenue tumbled 10.3% to $217 million. Circulation revenue was down 7.2% due to selective discounting in home delivery and lower single-copy sales.
Active Power Inc. said it's recorded additional stock-based compensation expense totaling $2.82 million in restating financial results for years 2001 through 2005 as well as certain quarterly periods for 2005 and 2006.
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