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News // Autos

DaimlerChrysler Involved In A New Scandal

18 April 2003 , 09:59610
Shareholders suing DaimlerChrysler AG.

The shareholders insist on the interview given by the company's chief executive, Juergen Schrempp, to the Financial Times, to be turned to a group of investors led by billionaire Kirk Kerkorian's Tracinda Corp.

The shareholders of Daimler-Benz AG say that the company lied to investors to win support for its 1998 acquisition of Chrysler Corp. that created the world's fifth-largest automaker.

The suit says Daimler misrepresented the transaction as a merger of equals and the confidential portion of Schrempp's interview may help prove it.

U.S. shares of Stuttgart, Germany-based DaimlerChrysler rose $1.17, or 3.7%, to close at $32.51 in New York Stock Exchange composite trading.

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