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| Mitsubishi Motors to Sell 22% Fuso Stake to DaimlerChrysler |
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Tokyo, Jan 16, 2004 (JCN) - Mitsubishi Motors Corporation (TSE: 7211) has announced that its Board of Directors has decided to sell a 22 percent stake in Mitsubishi Fuso Truck and Bus Corporation to DaimlerChrysler.
On January 6, 2003, Mitsubishi spun of its truck and bus operations and established Mitsubishi Fuso (MFTBC). On March 14, the sale of 43 percent of MMC's shares in MFTBC to Daimler and 15 percent of MMC's shares to companies within the Mitsubishi Group became effective. On December 11, the Supervisory Board of Daimler authorized its Board of Management to increase it's holding in MFTBC above the present level.
The parties agreed on a purchase price of about 52 billion yen, and the transaction, which is still subject to approval by antitrust authorities, is expected to be finalized by the end of March 2004.
The move by Mitsubishi is part of a strategy to focus on passenger car operations, and the proceeds are expected to enable investment in new model development. Converesely, the closer relationship with DaimlerChrysler, already strong in the commercial vehilce sector is expected to synergize with Mitsubishi Fuso.
Copyright © 2010 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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