Mercedes-Benz completed the merger with Chrysler in a $36bn deal.

Mercedes-Benz, a manufacturer and distributor of automobiles, completed the merger with Chrysler, an automobile manufacturer, in a $36bn deal. There were immediate growth opportunities by using each other's facilities, capacities and infrastructure. Product strategies were developed to enhance growth in mature markets as well as in Asia and other emerging markets. In 1999, the first year of merged operations, DaimlerChrysler expected to realize benefits of $1.4bn through the exchange of components and technologies, combined purchasing power, and shared distribution logistics. Further synergies were expected to be realized in the medium term by sharing know-how in engineering and manufacturing. The management expected annual benefits of $3bn within three to five years. "Both companies have product ranges with world class brands that complement each other perfectly. We will continue to maintain the current brands and their distinct identities. What is more important for success; our companies share a common culture and mission. We are both clearly focused on serving the customer by building world class cars and trucks, we both have a reputation for innovation and quality, and we are both committed to increasing value for our shareholders. DaimlerChrysler has the most skilled and innovative workforce in the industry and we are committed to making their future as bright as the new company's. By realizing synergies and with our combined financial and strategic strengths, we will be ideally positioned in tomorrow's marketplace," Robert J. Eaton, Chrysler Chairman. On September 18, 1998, Chrysler shareholders approved merger with 97.5 % approval. Daimler-Benz shareholders approved merger with 99.9 % approval.