DaimlerChrysler reportedly said on Monday it has sold its 10.5% stake in Hyundai Motors Co., a move that it expects will raise more than $US900 million.
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DaimlerChrysler bought the stake for $484 million in 2000 and 2001, spokesman Toni Melfi told the Associated Press (AP). The sale was expected after the two companies said earlier this year they wanted to scale back their relationship.
Melfi reportedly said existing cooperation between the two companies would continue, including a joint purchasing project and plans to build a new four-cylinder engine together. “All the projects will go on,” he said.
The stake was sold in a transaction handled by Goldman Sachs, and it was “too soon” to say who bought the shares, Melfi said, according to AP.
The Associated Press noted that the two carmakers’ relationship cooled amid the German automaker’s plans to build Mercedes-Benz cars in China in partnership with Beijing Automotive Industry Holding Co. Hyundai said that violated Beijing Automotive’s agreement to work exclusively with it on joint projects.
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