Daimler washes its hands of Chrysler

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Daimler washes its hands of Chrysler

Edward Harrison | 27 April 2009 22:20

The German car maker Daimler wants to put the Chrysler chapter behind it, so it will give up its remaining 19.9% stake and forgive all remaining loans. See BBC story.

About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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2 Comments

Mark Wadsworth says:

28 April 2009 at 09:01

I must admit I’d lost track of the most bizarre ‘merger’ in corporate history ever, I thought Daimler had dumped Chrysler years ago.
Edward Harrison says:

28 April 2009 at 09:11

Funny that, Mark. These things have a way of lingering, don’t they. It wouldn’t surprise me if we learned there was some residual financial connection between Opel and Fiat as well.

If I were Daimler, I would steer well clear of this whole mess. With five governments (U.S., Italy, Germany, Canada and Austria) now involved in the bids for Chrysler and Opel, you are going to get a very political outcome.