FTC Gives OK to Auto Merger
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The proposed merger of Chrysler Corp. and Germany’s Daimler-Benz won approval by the Federal Trade Commission, Chrysler and the commission said Thursday.
“From an antitrust perspective, they are free to merge,” FTC spokeswoman Victoria Streitfeld said. “They have cleared the antitrust hurdles.”
The announcement came soon after Daimler-Benz said it was “perfectly prepared” for the merger as it posted record first-half results on double-digit growth in all its divisions and asset sales.
The European Union endorsed the merger last week. Requests for regulatory approvals are still pending or yet to be filed in several other countries where the merged company would do business, Chrysler spokeswoman Lori McTavish said. But the FTC and European Union approvals are the most significant.
Stuttgart-based Daimler-Benz, Germany’s largest industrial company, said its earnings more than doubled to about $1.1 billion in the first half, or about $2.15 a share, beating expectations. Revenue jumped 21% to $38.18 billion.
The company expects to complete the $36-billion merger with Highland Park, Mich.-based Chrysler, announced in May, by November or December.
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