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Report: Toronto-Dominion Bank may buy Chrysler Financial from Cerberus by week's end

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Report: Toronto-Dominion Bank may buy Chrysler Financial from Cerberus by week's end

by Zach Bowman (RSS feed) on Dec 7th 2010 at 11:01AM

According to Bloomberg, Chrysler Financial may have a new owner in the near future. Canada's Toronto-Dominion Bank may be set to make a deal with Cerberus Capital Management, which still owns the Pentastar's loan arm despite stepping away from its role as owners of Chrysler's carmaking operations. If the sale goes through, Chrysler Financial is expected to go for between $6 billion and $7 billion, which is what the entity is worth not considering liabilities. If Toronto-Dominion lays down that kind of cash, Cerberus will have effectively recouped its money on the venture, allowing the company to return some dividends to investors in the process.

The news comes courtesy of a handful of unnamed sources who say that the deal could still fall through between the Canadian investment group and Cerberus, though they also note that there are other parties interested in Chrysler Financial. Toronto-Dominion is Canada's second largest bank, and the company has been snapping up properties on U.S. soil for awhile now. In fact, the bank now has more branches in the 'Land of the Free' than it does in its home market, and Toronto-Dominion says that it expects to make around $1.6 billion from the U.S. market alone within three years.

[source: Bloomberg]

link:

http://www.autoblog.com/2010/12/07/report-toronto-dominion-bank-may-buy-chrysler-financial-from-ce/

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It's only a matter of time before America becomes the United States of Canada!! The Assimilation is nearing completion!

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