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Business

DaimlerChrysler Chief to Face Showdown

German-US auto giant DaimlerChrysler and its chief executive Jürgen Schrempp could face an angry showdown with shareholders at the car maker's annual meeting this week, the business daily Handelsblatt reported on Monday. Major investment funds such as SEB and Union Investment, which hold around 16.5 million shares in DaimlerChrysler, are considering withholding their approval of management's actions during the last business year in what would effectively be a vote of no confidence for Schrempp and his management board, the newspaper said. In Germany, shareholders traditionally ratify management's actions over the previous year at the annual general meeting and it is very rare that shareholders would vote to withhold that ratification. But the shareholders are angry about quality problems that have plagued DaimlerChrysler's Mercedes brand and could vote not to ratify management's actions in protest, the newspaper said.

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