Dec 13th, 2007 by RJ Menezes
When the merger between Daimler Mercedes-Benz and Chrysler crumbled apart it was obvious that Daimler wanted to “clean it’s hands” of Chrysler. The German auto manufacture sold of most of it’s assets and stock in the company.
Well now it seems as if they’ve had a change of heart. You see Daimler has just spent US$5.1 billion to buy back more than 49.9 million shares of Chrysler.
The 3.48 billion-euro buyback was approved by shareholders in April. It represented 4.73 per cent of the outstanding shares at the begining of the buyback program. The company paid an averaged of about $102.52 per share.
This seems interesting to see as it now looks like Daimler has some confidence in Chrysler after all. From strictly a business point it might hint at a bright near future at Chrysler.