GERMANY/SOUTH KOREA: DaimlerChrysler and Hyundai Motor Company to Form Alliance
DaimlerChrysler and Hyundai Motor Company have agreed to form an alliance under the terms of which DaimlerChrysler will acquire through today's agreement, a 10 % stake in Hyundai for $ 428 million. A letter of intent and stock purchase agreement will be signed today in Seoul by President Lee Kye-Ahn and President Kim Dong-Jin of Hyundai, and Dr. Eckhard Cordes and Dr. Dieter Zetsche, Members of the Board of Management of DaimlerChrysler AG. The letter of intent will specify three key areas of cooperation:
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