. DaimlerChrysler has agreed to sell its stake in
Mitsubishi Motors Corporation
Sale of remaining 12.4%
equity interest
Financial income to
improve by approximately €500 million
Joint projects to be
continued
Stuttgart - Today,
DaimlerChrysler AG has agreed to sell its remaining equity interest in
Mitsubishi Motors Corporation (MMC).
DaimlerChrysler’s
shareholding in MMC is entered in the balance sheet as a financial
investment and currently amounts to 12.4% of MMC’s total capital stock.
Due to the complete sale of its shares in MMC, DaimlerChrysler’s financial
income in 2005 will improve by approximately €500 million.
Proceeds of the sale and the
exact impact on financial income will be published after closing, which
will take place by the end of November the latest.
The current cooperation
projects of DaimlerChrysler and MMC will not be affected by the disposal,
and will continue as previously agreed. Some examples of such projects are
the joint development and production of engines, the shared use of vehicle
architecture and the joint production of passenger cars, sports utility
vehicles and pickup trucks in Europe, North America, China and South
Africa.
In addition, DaimlerChrysler
and MMC plan to renew and extend current projects which are mutually
beneficial.
Today, Dr. Rüdiger Grube
resigned from his position on the Board of Directors of Mitsubishi Motors
Corporation.
The MMC shares offered have
not been registered under the Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
