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DaimlerChrysler 'preparing for hostile takeover' - allegation

The chairman of Deutsche Bank, the largest shareholder in DaimlerChrysler, has revealed it has been brought in to prepare a defence plan against a hostile take-over of the German-US automotive company.

According to a report in today's Financial Times, Rolf Breuer told the bank's earnings conference: "Deutsche Bank has a mandate to advise DaimlerChrysler in its defence strategy."

His revelation comes just days after DaimlerChrysler announced massive job losses and plant closures in an attempt to stem massive financial losses.

DaimlerChrysler refused to comment on Mr Breuer's statement. It had already issued a statement saying there was no immediate threat of a takeover bid.

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