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DaimlerChrysler AG () is a German car corporation and The World's Eighth Largest Car Manufacturer . As well as Automobiles , DaimlerChrysler manufactures Truck s and provides financial services through its DaimlerChrysler Financial Services arm. The company also owns a major stake in aerospace group EADS . DaimlerChrysler was founded in 1998 when , 2007 . The de-merged German company will adopt the name Daimler AG, pending shareholder approval. The US company adopted the name '''Chrysler LLC ''' when the sale completed on 3 August 2007. DaimlerChrysler produces cars and trucks under the Brand s of Mercedes-Benz , Maybach , Smart , Freightliner , GEM and many others. CHRYSLER OPERATIONS Chrysler has suffered a series of setbacks in recent years, culminating in DaimlerChrysler's agreement to sell the unit to Cerberus Capital Management in May 2007 for US$7.4 billion. Through most of its history, Chrysler has been the third largest of the "Big 3" US auto makers, but in Jan 2007, DaimlerChrysler, excluding its luxury Mercedes and Maybach lines, also outsold traditionally second place Ford, though behind Toyota. Chrysler reported losses of US$1.5 billion in 2006. It then announced plans to lay off 13,000 employees in mid-February 2007, close a major assembly plant and reduce production at other plants in order to restore profitability by 2008. Chrysler Announces Major Downsizing - Daily Auto Insider , ''CarAndDriver.com'', 15 February 2007, loaded 15 March 2007
Another issue of contention is whether the merger delivered promised synergies and successfully integrated the two businesses. As late as 2002, DaimlerChrysler appeared to run two independent product lines. Later that year, the company launched products that appear to integrate elements from both sides of the company, including the Chrysler Crossfire , which used extensive Mercedes parts and the Dodge Sprinter / Freightliner Sprinter , a re-badged Mercedes-Benz Sprinter van. Sale of Chrysler DaimlerChrysler was reportedly in negotiations with other carmakers and investment groups since early 2007 to sell Chrysler. General Motors was reported to be a suitor while Volkswagen , the Renault - Nissan auto alliance, and Hyundai Motor Company had said that they weren't interested in buying the company. On August 3 2007 , DaimlerChysler completed the sale of Chrysler Group to Cerberus Capital Management . The original agreement stated that Cerberus would take an 80.1 percent stake in the new company, Chrysler Holding LLC. DaimlerChrysler will change its name to Daimler AG and retain the remaining 19.9% stake in the separated Chrysler. {Link without Title} The terms will see Daimler pay Cerberus US$650 million to take Chrysler and associated liabilities off its hands. This is a remarkable reverse in fortunes on the US$36 billion paid to acquire Chrysler in 1998. Of the US$7.4 billion, purchase price, Cerberus Capital Management will invest US$5 billion in Chrysler Holdings and US$1.05 billion in Chrysler’s financial unit. The de-merged Daimler AG will receive US$1.35 billion directly from Cerberus but will invest US$2 billion in Chrysler itself. MANAGEMENT Dieter Zetsche has been the Chairman of DaimlerChrysler and Head of Mercedes Car Group since January 1, 2006 as well as member of Board of Management since 1998. He was former President and CEO of the Chrysler Group (a company of DaimlerChrysler until 2007), he is best known in the United States as Dr. Z from a Chrysler advertising campaign. Current members of the Board of Management of DaimlerChrysler AG are: Dieter Zetsche , Gunther Fleig , Rudiger Grube , Andreas Renschler , Bodo Uebber , and Thomas Weber . Current members of the Supervisory Board of DaimlerChrysler AG are: Heinrich Flegel , Nate Gooden , Earl Graves , Thomas Klebe , Erich Klemm , Hilmar Kopper , Arnaud Lagardère , Jürgen Langer , Robert Lanigan , Helmut Lense , Peter Magowan , William Owens , Gerd Rheude , Udo Richter , Wolf Röder , Manfred Schneider , Stefan Schwaab , Bernhard Walter , Lynton Wilson , and Mark Wössner . DAIMLERCHRYSLER SHAREHOLDERS The largest voting shareholder DaimlerChrysler is the State Of Kuwait , with 7.1% (as at 31 December 2006). Deutsche Bank , with 4.35% (as at 2 May 2007). United Arab Emirates , with 2.0% (as at 31 December 2005). "[http://www.daimlerchrysler.com/dccom/0-5-7196-1-70868-1-0-0-0-0-0-8-7164-0-0-0-0-0-0-0.html Ownership of DaimlerChrysler]." ''DaimlerChrysler Financial Statement''. The regional breakdown of shareholdings as at 31 December 2006 was:
BRANDS DaimlerChrysler sells automobiles under the following Marque s worldwide:
HOLDINGS DaimlerChrysler currently holds interests in the following companies:
DaimlerChrysler disposed of the following holdings and businesses:
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