Chrysler continues to drag down Schrempp

DECEMBER 18, 2000

Chrysler continues to drag down Schrempp

JURGEN SCHREMPP, the chairman of DaimlerChrysler, has been under pressure of late because of problems with the Chrysler Corporation. The word in Germany is that Chrysler is about to announce a fourth-quarter loss of $1.25 billion, following a third quarter loss of $512m. This will half the operating profits of the entire DaimlerChrysler group for the year 2000. The company will still make around $5bn.

Chrysler's poor performance has put Schrempp under pressure from shareholders in America and Europe over his admission that the "merger" of Daimler Benz and Chrysler was simply a takeover of the US company. Chrysler investor Kirk Kerkorian is suing DaimlerChrysler for $9 billion claiming that Schrempp misled Chrysler shareholders.

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