May 7, 1998 – Daimler-Benz purchases Chrysler Corporation

On this day in 1998 Daimler-Benz purchases Chrysler Corporation for $36 billion. This deal is the largest acquisition of a US company by a foreign buyer. The sale proved to be quite beneficial in the short term, as stock prices rose quickly on the New York Stock Exchange, but the sweetness soon turned sour. In 2006, following a $1.5 billion loss on the year, Daimler sold Chrysler to Cerberus Capital Management for a measly $7.4 billion. Photo: 1998 Chrysler Sebring

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