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Cerberus, CIC talk on co-operation
Cerberus Capital Management said it has had talks with China’s sovereign wealth fund about possible co-operation. John Snow, chairman of the US buy-out group and former US Treasury secretary, said there were “no specific proposals” at the moment to work with the China Investment Corporation but added that Cerberus was “obviously interested in having a good relationship with global pools of capital”. So far, JC Flowers has been most successful in courting CIC, receiving a mandate to invest more than $4bn of the fund’s money in distressed financial firms. Snow also confirmed that Cereberus, the majority shareholder of Chrysler, was in talks with Chery, the most successful of China’s new car firms, about co-operation.
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