DaimlerChrysler Sells Chunk of EADS

The carmaker sells off 7.5% of Airbus' parent and will use the money to help its U.S. Chrysler division. The move will help the aerospace company, too

DaimlerChrysler (DCX) is getting its house in order. The No. 5 carmaker said on Feb. 9 that it sold 7.5% in European Aeronautic Defence & Space Co. (EADS) for €1.5 billion ($1.95 billion). The sale frees up cash to cover the costs of reorganizing its troubled Chrysler division. DaimlerChrysler shares were up $1.47 in New York trading, an intraday gain of 2.2%. EADS shares in Paris closed about 1.6% lower.

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