Chrysler officially made the break with former German partner Daimler on Friday, to become the first major, privately owned North American automobile manufacturer in more than 50 years.

Under the $7.4 billion deal, initially announced May 14, 2007, private equity firm Cerberus Capital Management has acquired 80.1 percent equity interest in Chrysler LLC, as the automaker is now known. The German half of the now-defunct partnership will now be called Daimler AG. Pending shareholder approval in the fall, Daimler AG will retain the remaining 19.9 percent.

Chrysler's break with German automaker Daimler became official Aug. 3, ending the nine-year old company, DaimlerChrysler. Workers are preparing for an employee celebration that is planned for Aug. 6 on the grounds of the Chrysler World Headquarters in Auburn Hills, Michigan.