BERLIN (AP) -- Daimler AG has won an appeal against a court ruling that it must pay about euro230 million ($324 million) to former shareholders of Daimler-Benz AG to settle a case related to its now-unraveled 1998 merger with Chrysler Corp.
A Stuttgart court in 2006 ruled that the automaker must pay a group of investors euro22.15 per share to resolve the dispute over the valuation of their stock.
During the merger, a very small proportion of Daimler-Benz shares were exchanged involuntarily for shares in the merged company. Some shareholders launched court proceedings in 1999, claiming that the exchange ratio used undervalued their holdings.
A higher Stuttgart court said Friday it has overturned the earlier ruling and said the exchange ratio was "appropriate." It said no appeal is possible.
A Stuttgart court in 2006 ruled that the automaker must pay a group of investors euro22.15 per share to resolve the dispute over the valuation of their stock.
During the merger, a very small proportion of Daimler-Benz shares were exchanged involuntarily for shares in the merged company. Some shareholders launched court proceedings in 1999, claiming that the exchange ratio used undervalued their holdings.
A higher Stuttgart court said Friday it has overturned the earlier ruling and said the exchange ratio was "appropriate." It said no appeal is possible.
