Twenty-seven years ago today, on May 6, 1998 (April 11, 1998 lunar calendar), Mercedes-Benz and Chrysler merged. On May 6, 1998, the world-renowned German Daime-Benz and Chrysler, one of the three major automobile companies in the United States, jointly issued a statement announcing that they had signed a merger agreement totaling up to $38 billion. This became the largest merger in the automobile manufacturing industry in years. The two companies will be merged through a stock exchange. The merged company will be named DaimlerChrysler, and will be jointly headed by Volkswagen Chairperson Schrenp and Chrysler Chairperson Eaton. The new company is expected to save about $1.40 billion in operating costs next year, and nearly $3 billion annually thereafter. It will rank among the world's top three automakers in terms of sales, stock market capital, and profitability. The global auto manufacturing landscape has undergone considerable changes in the past few years due to the wave of mergers and acquisitions; the merger of Mercedes-Benz and Chrysler can be said to play a role in fueling it, which will force the industry giants to adjust their strategies again to ensure their competitive advantage.