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. Last Updated: 07/27/2016

DaimlerChrysler Merges $81Bln Units




BERLIN -- Following the fusion of its core automaking businesses, DaimlerChrysler said Wednesday that it is combining its global financial services as well.


The automaker said the financial services will operate as a part of Berlin-based DaimlerChrysler Services (debis AG), referred to as debis. The merged operation will have a portfolio of 138 billion marks ($81 billion).


That will make it the fourth largest provider of financial services in the world outside the banking and insurance sectors, and DaimlerChrysler's second-biggest earner after cars, debis officials said at a news conference.


Also Wednesday, DaimlerChrysler said it has bought Swedish-Swiss electronics group ABB AB's half of their high-tech rail joint venture, Adtranz AG, for 475 million marks ($282 million). The move, which makes DaimlerChrysler the sole owner, is intended to give a "boost'' to the loss-making Adtranz venture, DaimlerChrysler said.