Word: daimler
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There are lots of details that can strangle a $48 billion merger--different accounting practices, the need to rationalize information technology, patent ownerships--and Tom Stallkamp thought he'd worked through them all. As president of Chrysler, he had helped orchestrate the American company's merger with Germany's Daimler-Benz. But last November, as the new outfit, DaimlerChrysler, approached the date it would debut on the New York Stock Exchange, the whole thing stalled seemingly over whether the company would use American- or European-size business cards. The more tradition-bound Germans dug in their heels, not surprisingly...
...novelty has worn off--and with it the notion that DaimlerChrysler was a merger of equals. Just a year ago, the CEOs of Daimler-Benz and Chrysler Corp.--Jurgen Schrempp and Bob Eaton, respectively--made the surprise announcement that their two companies were going to combine. But Eaton, the executive who presided over Chrysler's transformation into America's hottest car company, ceded too much authority too early, giving the Germans an advantage in the high-stakes game of musical chairs that happens when two huge corporations marry...
Ironically, all this came about because two companies just...needed each other. Schrempp, the tough-talking 54-year-old iconoclast who became Daimler-Benz chairman in 1995, had already slashed the company's divisions from 35 to 25--taking tens of thousands of jobs along the way. It was an outrageous move in a country where labor rules. Schrempp wanted a new empire that would no longer depend on luxury cars, which were becoming prohibitively expensive to produce...
...cases where companies like Volkswagen, Krupp and Daimler-Benz are being sued for back wages for using slave labor during the war, people are asking to be compensated for work they would never have done willingly in the first place; no justice there. As for repayment for pain, how does that work? Stolen property may be returned, but how would a young banker in modern Germany have compensated my great-uncle for the loss of his family, his ambition and his spirit...
...German-American auto giant may still step in to save the Japanese. Even before CEO Juergen Schrempp inked a deal to acquire Chrysler Corp. for $37 billion last May, his Stuttgart brain trust was urging him to buy a controlling stake in Nissan Diesel. That would give Daimler, the world's largest commercial-truck producer, a solid foothold in Asia...