Interesting news this morning, according to the German magazine Der Spiegel, BMW and Daimler plan to swap 7% stakes in their companies. Some of you might know that the Quandt family owns 46 percent of BMW and has Suzanne Quandt, who has multiple degrees in marketing, actively involved in the daily activities.
On the other hand, the Quandt family fears that Daimler would launch a takeover of BMW, similar to what happened to Daimler in 1998. They oppose the cross-ownership, but they agree on the proposed cooperation for purchasing components and sharing them between the two brands. This plan was announced by us last year, BMW and Daimler hope to save hundreds millions of euros in the short term by sharing parts.
According to Der Spiegel, the German Government was announced on the possible cross-ownership, but no information are available on whether it would overrule this plan based on anti-thrust laws.
With both companies being severely hit by the global economic recession, these two plans outlined above might help them during these tough times.