Chrysler shareholders approve merger

Preliminary results showed 97.5 per cent of the voted Chrysler shares were cast in favour of the deal and 2.5 per cent were against a margin of approval that exceeded even Eaton’s optimistic expectations.It’s a very, very strong statement,” Eaton said after the meeting.The deal was initially worth $38 bn when it was announced in May, but has slipped to $31 bn as Daimler stock has fallen.

The gathering in the hotel Du Pont’s ornate ballroom lasted just over two hours as dozens ofshareholders questioned Mr Eaton about the merger. Most of them opposed the deal, in contrast to the lopsided vote. Several objected in light of Germany’s role in World War II.

You’ll always have that on your conscience, Bob. Remember that,” said corporate gadfly Evelyn Davis of Washington, a holocaust survivor. Lillian auspitz of new Jersey predicted that many Jews and allied veterans would stop buying Chrysler vehicles.

Mr Eaton, whose father-in-law died in the war, said the merger maybe one small step to bring the world closer together.” There’s no question that horrible atrocities and tragedies happened in World War II,” he said. But that was 53 to 60 years ago. The people involved today clearly don’t condone what happened.”

Mr Eaton also noted that Americans will hold an estimated 44 per cent of the shares in the new company, compared with 36 per cent to 37 percent owned by Germans. It’s a “ combination of two of the most successful automotive companies in the world” that will createperhaps the world’s first truly transnational company. And in that sense, it will change everything, Mr Eaton said.”