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Posted by Kevin
Link: http://www.auto.com/industry/iwirm28_20030128.htm
on 1/28/2003, 6:09 pm
Document Details Potential Acquisition Of Chrysler (Associated Press) A 1995 plan detailing a potential acquisition of Chrysler Corp. by Daimler-Benz AG has surfaced in a lawsuit challenging the merger of the two automakers.
Lawyers for Chrysler investors claim the 80-page plan is evidence that Daimler plotted to buy Chrysler for years before the companies joined in 1998 to form DiamlerChrysler AG, the Detroit News reported in Monday. The suit filed by billionaire Kirk Kerkorian's Tracinda Corp., which held 14 percent of Chrysler's stock at the time of the merger, claims that shareholders were duped into approving the 1998 deal when executives from both companies portrayed it as a "merger of equals." The lawsuit claims that Daimler-Benz Chairman Juergen Schrempp and other top company officials misled shareholders to grease a foreign takeover and to cheat them out of their rightful acquisition fee. Kerkorian is seeking $13 billion in damages in his lawsuit, which has class-action status.
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