In May 1998, Chrysler Corporation and Daimler -Benz AG (Daimler), a German automobile manufacturing company founded in 1926, agreed to combine their business in what they called a "merger of equals." On November 12, 1998, the merger process was completed. Through a deal worth US$37 billions, the new company was named DaimlerChrysler AG (DaimlerChrysler). Under DaimlerChrysle, Chrysler Corporation assumed its new name as DaimlerChrysler Motors Company LLC and its U.S. operations started being referred to as the Chrysler Group. The merger resulted In the world's third largest automobile company in terms of revenues, marke capitalization, and earnings and the fifth largest in terms of number of units produced.