Word: auto
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Dates: during 1990-1999
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...actually, how they came to be an item: following some small talk last year over a possible joint venture in Latin America or maybe Asia, Juergen Schrempp, 53, chairman of doughty Daimler-Benz, invited Chrysler chief Robert Eaton, 58, to spend some quiet time alone during the crowded Detroit Auto Show in January. Schrempp said he liked Chrysler a lot and suggested that maybe they should consider going...
...merged company will definitely not save money on labor, on either side of the Atlantic--a point that was well received by workers. "We think it's good for Chrysler and our union," said United Auto Workers president Stephen P. Yokich, who represents more than 64,000 blue-collar and 7,000 salaried Chrysler personnel. "But we'll take a good look at it. Our job is to protect the interests of our members...
...directors) must come from labor, the remaining 12 from the combined management. That requirement could help build new alliances among unions in Canada, Germany and other parts of the world. "This means now there is a whole different environment at Chrysler," said Buzz Hargrove, president of the Canadian Auto Workers. Ultimately it will be up to I.G. Metall, the union that represents German autoworkers, whether the Americans and Canadians get seats on the board. Pending that, most workers seemed pleased. "I just hope my stock goes up and I can buy a Mercedes with my Chrysler discount," laughed an employee...
...While the speed of the deal took analysts by surprise, the disparity didn't. Daimler, after all, is an automotive colossus, the second largest carmaker in Europe. "German auto pros will tell you directly -- Daimler is buying Chrysler," reports TIME's Bonn Bureau Chief Jordan Bonfante. "Germany is buying the U.S., and they've got deep pockets...
...Daimler-Benz It's a match made in Detroit heaven: Luxury European auto meets mass-market American car. They marry, and await the pitter-patter of $131 billion in annual worldwide sales. That's the love story Wall Street would like to write for Daimler Benz and Chrysler, who went public with their wooing Wednesday. Why? Because the dowry would be huge: Sources close to the deal say Daimler would buy their bride for $35 billion, a full $8 billion above Chrysler's market value. Such a wedding would make for the largest industrial merger in history...