Buh-Bye DaimlerChrysler; Extraordinary Shareholders' Meeting to Decide on Renaming as Daimler AG

Taking time out from their real estate hunting, Daimler Chyrsler shareholders held a meeting that will change the name of the company. The Board of Management and the Supervisory Board of DaimlerChrysler AG will today recommend to the Extraordinary Shareholders' Meeting that the name of the Group be changed to Daimler AG following the disposal of 80.1% of its stake in Chrysler Holding LLC.

According to the text of his speech, Dr. Dieter Zetsche, Chairman of the Board of Management of DaimlerChrysler AG and Head of Mercedes Car Group, will explain to the approximately 6,000 shareholders the rationale behind the decision to rename the company. According to Zetsche, a clear distinction should be made between the corporate brand Daimler and the Group's various product brands. Wherever the focus is on the Group as a whole, the company wants to present itself consistently as Daimler, for example in its dealings with political decision-makers and the general public, in the financial markets, in its relations with the business media, and as an employer. The company also aims to present itself as Daimler in all areas where several brands are involved, thus providing an umbrella designation for all of the individual product brands. full story

Chrysler's secret comeback plan

What? An auto company resturcturing? You gotta be kidding me. Sounds like the standard catch phrase now for auto makers. This is a pretty good breakdown on the upcoming news release from Chrysler coming up on Valentine's Day.

German shareholders may be clamoring for DaimlerChrysler AG to sell off the Chrysler Group, but they won't get their wish.

Instead, a secret restructuring plan dubbed "Project X" is focused on transforming Chrysler into a smaller, more efficient automaker with closer ties than ever to its German parent company and the Mercedes-Benz luxury division.

The Detroit News has learned that the plan, to be unveiled on Feb. 14, calls for unprecedented sharing of vehicle architectures and parts between Chrysler and Mercedes, including developing small cars and SUVs together.

FULL STORY