When Daimler-Benz AG acquired Chrysler Corp. in 1998, Daimler Chairman Juergen Schrempp declared that it was a merger of equals.
Not so, he now says.
In an interview with the Financial Times last week, Schrempp said he told top Chrysler executives that the deal was a merger of equals so they would agree to the deal. Schrempp said he knew all along that he wanted to operate the Chrysler group as a less-important division.
'Me being a chess player, I don't normally talk about the second or third move,' the newspaper quoted Schrempp as saying. 'If I had gone and said Chrysler would be a division, everybody on their side would have said: `There is no way we'll do that deal.' But it's precisely what I wanted to do.'