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DaimlerChrysler has agreed to sell its stake in Mitsubishi Motors Corporation
DaimlerChrysler AG has agreed to sell its remaining equity interest in Mitsubishi Motors Corporation (MMC).
DaimlerChrysler’s shareholding in MMC is entered in the balancesheet 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.
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