In This Review

Wheels on Fire: The True Inside Story of the DaimlerChrysler Merger
Wheels on Fire: The True Inside Story of the DaimlerChrysler Merger
By David Waller
Trafalgar Square, 2001, 312 pp.

An important dimension of globalization is the cross-border merger. Waller, a former correspondent of the Financial Times, offers a detailed, well-written, and fascinating account of the 1998 fusion between two of the world's oldest and proudest automobile firms -- Daimler-Benz of Germany and Chrysler of the United States. The book is something of a paean to Daimler's chief executive, Jorgen Schrempp, who was the major architect of the deal and now heads the merged firm. Not all the wrinkles have been ironed out. But this book will be of value to anyone interested in the evolution of the automobile industry, mergers of large firms, the shift in Germany toward a shareholder culture, and transborder industrial collaboration. Several German firms have since pursued similar strategies, with such recent examples as large U.S. acquisitions by Deutsche Bank and Bertelsmann.