DAIMLERCHRYSLER OUT OF MMC

[BIZ: Hasselt, November 11]
DaimlerChrysler is going to withdraw its stake in Mitsubishi (MMC). The sale of 12.4% of the shares will produce EUR 500m for Daimler. The two car manufacturers will continue to work together but the sale of the shares signals an end of an period that started in 2004 when Daimler refused to assist in the Mitsubishi rescue plan. The recapitalization of the Japanese group brought about a fall in Daimler’s shares in Mitsubishi from 37% to 20%, and the last percentage brings it down to 12.4%. Mitsubishi is expecting to make a profit in the next financial year.
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