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 to more than $100 on the New York Stock Exchange. The love was short lived. In 2006, following a $1.5 billion loss, Daimler sold Chrysler to Cerberus Capital Management for a measly $7.4 billion. Today Chrysler falls under the Fiat umbrella.
Photo: 1998 Chrysler Sebring