Divide and Conquer: Daimler-Benz and Chrysler Merger Secrets: The Inside Story of the Daimler-Benz and Chrysler Merger

Author: Bill Vlasic
Publisher:
Publication Date: 2004-01-01
Features: This is a transaction that has captured global attention. In May 1998, U.S. automaker Chrysler Corporation and German Mercedes-Benz producer Daimler-Benz AG jointly announced a merger plan worth $36 billion. The Wall Street Journal called it "a historic industrial merger of unprecedented scale." The union of Daimler and Chrysler was bound to send shockwaves through the entire automotive industry and outline an unprecedented grand blueprint for massive international mergers. The merger brought together two giants of the automotive industry and sparked a series of reactions among competitors actively seeking global partners. The author delves behind the scenes of this meticulously crafted, glamorous corporate drama of the late 20th century, uncovering through in-depth investigation some little-known facts about Chrysler's largest shareholder, the reclusive billionaire Kirk Kerkorian, and the company's legendary figure, former CEO Lee Iacocca, who attempted to take over the company but ultimately failed. Although the transaction was fraught with challenges, it paved the way for the dramatic negotiations between Robert Eaton, then chairman of Chrysler, and Jürgen Schrempp, chairman of Daimler, in the end. These dramatic events brought legendary figures on the perilous international automotive stage to the forefront of the world. This book faithfully records the complexities and twists and turns of the Daimler-Chrysler merger, and the event itself ultimately became a cautionary tale: on the road to globalization, risks and opportunities coexist.