Daimler: Once Bitten, Twice Hungry
Now that they've palmed-off their Chrysler fiasco on Cerberus, Daimler is cash rich and company hungry. Reuters translates: "'Acquisitions are an option for growth,' the German news agency dpa-AFX quoted Zetsche as saying in an interview, adding the German carmaker — also the world's biggest truckmaker — had practically no financial limits for deals." Apparently, Dr. Z has ruled out scarfing-up another automaker, preferring to sniff around for companies who make technology that Daimler needs to meet new European Union fuel economy regulations, and such. Oh and to prevent a takeover– the original impetus for the Chrysler fiasco– Daimler looks set to announce another round of share buybacks. It currently owns just 4.7 percent of its shares, but plans to use the cash swilling around in its corporate coffers to repurchase up to 10 percent of Daimler stock by the end of August 2008. Why they didn't do this instead of buying Chrysler the first place, or how Zetsche remains in power after NOT doing this in the first place, remains a mystery.