Fleet News

Now it's DaimlerChrysler

CHAMPAGNE corks popped as Chrysler and Daimler-Benz changed the signs on their doors to celebrate their $75 billion mega-merger last week. DaimlerChrysler, as the new company will be known, instantly became the world's fifth largest car manufacturer, employing 428,000 people following the official completion of the deal first announced six month ago.

Senior executives in the firm started their celebrations in Frankfurt before flying by private jets to Wall Street, to mark the launch of the new company, which will have its shares listed on the New York and Frankfurt stock exchanges. The merger is expected to save $1.4 billion in 1999, and $3 billion in subsequent years.

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