It happened on November 12th: Daimler merges with Chrysler

Daimler-Benz AG and Chrysler Corporation officially merged on November 12th, 1998, to form DaimlerChrysler. The new entity went on to integrate elements from both sides of the company, including the Chrysler Crossfire, which was based on the Mercedes SLK platform, and the Dodge Sprinter, a re-badged Mercedes-Benz Sprinter.

DaimlerChrysler Crossfire

Crossfire. (Photo: DaimlerChrysler)

In what was initially called a “Merger of Equals,” Daimler spent $36 billion USD to acquire 92% of Chrysler. However, as time passed, shareholders agreed that the deal was one-sided and took legal action to settle the dispute.

On May 14th, 2007, Cerberus Capital Management purchased 80.1% of Chrysler for $6 billion USD, leaving the newly named Daimler AG with the remaining 19.9%.

Source: Wikipedia

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