Tuesday, May 15, 2007

A Chronology of DaimlerChrysler Takeover

Associated Press

By The Associated Press 05.14.07, 10:03 AM ETKey dates in the trans-Atlantic takeover that created DaimlerChrysler AG and its subsequent dismantling, announced Monday.

April 12, 1995: Kirk Kerkorian's Tracinda Corp. makes offer for Chrysler Corp. valuing company at $22.8 billion.

Feb. 7, 1996: Chrysler makes peace deal with shareholder Kerkorian in return for stock buybacks and board seat.

Feb. 12, 1998: Daimler-Benz AG and Chrysler Corp. begin secret takeover discussions.

May 7, 1998: Daimler-Benz's Juergen Schrempp and Chrysler Corp.'s Robert Eaton announce $36 billion takeover that creates DaimlerChrysler AG (nyse: DCX - news - people ).

Nov. 17, 1998: DaimlerChrysler AG U.S. shares begin trading at $84.31 per share.

Jan. 6, 1999: DaimlerChrysler stock hits $108 per share.

Oct. 26, 2000 Chrysler posts $512 million loss for third quarter.

Oct. 30: Schrempp quoted as saying by the Financial Times he never intended a merger of equals but that it was portrayed that way "for psychological reasons."

Nov. 17: Schrempp puts Mercedes-Benz veteran Dieter Zetsche in charge of Chrysler.

Nov. 27: Kerkorian sues company and Schrempp for $9 billion, accusing them of fraud.

Jan. 29, 2001: DaimlerChrysler announces it will cut 26,000 jobs, or about one-fifth of the work force at Chrysler and idle six plants over the next several years.

March 2001: Stock falls from more than $50 per share to roughly $38 as DaimlerChrysler grapples with weak North American and European economies.

April 2005: Cash cow Mercedes Car Group posts its first quarterly loss in more than 10 years.

April 7, 2005: Kerkorian loses his fraud suit against company.

July 28, 2005: Schrempp announces he is stepping down, with Chrysler head Zetsche to replace him on Jan. 1, 2006.

Sept. 1, 2005: Zetsche also takes over as head of Mercedes Car Group.

September 2005: Mercedes Car Group announces elimination of 8,500 jobs.

January 24, 2006: Company says it will cut 6,000 white-collar jobs worldwide - 20 percent of DaimlerChrysler's administrative work force.

Sept. 7, 2006: United Auto Workers union refuses to grant health care concessions to Chrysler Group, even though GM and Ford got them.

Feb. 14, 2007: DaimlerChrysler says it won't rule out "any option" including sale of Chrysler. Chrysler says it will cut 13,000 more workers. DaimlerChrysler shares rise 5 percent, to more than $67.

April 4, 2007: Zetsche says company is in talks about future of Chrysler but does not say if it will be sold.

April 5, 2007: Kerkorian's Tracinda Corp. makes a $4.5 billion cash offer for Chrysler.

May 14, 2007: DaimlerChrysler announces end of nine-year takeover effort as it agrees to sell 80 percent of Chrysler to private equity firm Cerberus for $7.4 billion (5.5 billion euros).

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