Blog: Dave LeggettSchrempp vs Kerkorian saga

Dave Leggett | 8 April 2005

Looks like a US judge has handed beleaguered Juergen Schrempp some welcome - for him - good news with his ruling that there was nothing legally untoward about the 1998 merger of Daimler Benz and Chrysler. Kerkorian probably has, at root, a point, but proving that Tracinda suffered disproportionately is something else. Merger of equals? Clearly it was not and maintaining that it was may have been politically judicious for Daimler back then. And Schrempp really slipped up in those comments he made in that notorious FT interview back in 2000 when he seemed to admit to some deception. He must be heaving a big sigh of relief (DaimlerChrysler settled out of court with smaller investors who initiated a class action lawsuit on similar grounds back in 2003). 

But would Kerkorian have complained if the share price had not subsequently gone south (yes, as Chrysler's largest shareholder, he took a hosing) and if he had been at the centre of things in the new company the way he was in the old days at Chrysler? I suspect not. Anyway, time to let go and finally move on perhaps.

USA: Billionaire loses fraud lawsuit against DaimlerChrysler


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