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November 18, 2005

GERMANY/JAPAN: Mitsubishi stake sale will boost DaimlerChrysler profit

DaimlerChrysler's sale of a 12.4% stake in Japanese ally Mitsubishi Motors Corp (MMC) will add EUR501ms (US$585.6m) to 2005 net profit, DC reportedly said on Friday.

DaimlerChrysler’s sale of a 12.4% stake in Japanese ally Mitsubishi Motors Corp (MMC) will add EUR501ms (US$585.6m) to 2005 net profit, DC reportedly said on Friday.

According to Reuters, the carmaker confirmed completion of the sale, which it said generated proceeds of EUR970ms and will improve its 2005 financial income by EUR680m.

A unit of investment bank Goldman Sachs bought the 548.4m MMC shares from DaimlerChrysler and sold them on to institutional investors around the world at JPY257 each, a market source told the news agency.

The sale was the largest ever block trade of Japanese shares, Reuters said, citing data providers Dealogic.

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