Daimler Chrysler-Mitsubishi Alliance
The DaimlerChrysler-Mitsubishi alliance refers to the 69 month period during which U.S.-German automaker DaimlerChrysler AG (DCX) held a controlling stake in Mitsubishi Motors Corporation (MMC). First established on March 27, 2000 with the signing of a letter of intent, it was initiated by Jürgen E. Schrempp, the chairman of DCX, who was attempting to build what he called a "Welt AG" (global corporation) which would have as widespread a presence across worldwide automotive markets as its rivals. The merger with the Chrysler Corporation had increased Daimler-Benz's share of the North American market, and Mitsubishi Motors offered a gateway to Asia.
The deal was to prove costly for both DaimlerChrysler shareholders and for Schrempp personally, whose part in the deal contributed to his eventual replacement at the helm of DCX in 2006.
Read more about Daimler Chrysler-Mitsubishi Alliance: Background, Recall Cover Up, Increasing Control, Unravelling Ties, Divorce, Corporate Performance
Famous quotes containing the word alliance:
“It is a power stronger than will.... Could a stone escape from the laws of gravity? Impossible. Impossible, for evil to form an alliance with good.”
—Isidore Ducasse, Comte de Lautréamont (1846–1870)