DaimlerChrysler Another Step Closer To Reality
October 27, 1998
Oct. 28 – Daimler-Benz is preparing for what it is calling “Day 1” – the transformation next month into DaimlerChrysler, the world’s biggest auto merger, reports the Associated Press.
Daimler, which is the parent company of Freightliner, cleared the last major hurdle when its shareholders swapped about 97% of shares for stock in the new company. For the merger to go ahead, 75% of the shares needed to e swapped. Crossing the 90% mark means Daimler avoids a tax hit on money-earning intangibles such as its good name and high-quality reputation.
The launch of DaimlerChrysler on the stock market is expected to be in the week of Nov. 15.