Mitsubishi Motors on Friday said it has started talks with DaimlerChrysler about the German firm increasing its stake in Mitsubishi’s truck unit, Mitsubishi Fuso Truck & Bus Corp., Dow Jones Newswires reported.
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Dow Jones noted that the Asian Wall Street Journal reported on Thursday that Mitsubishi Motors is expected to reach an agreement soon to sell its stake in Mitsubishi Fuso to DaimlerChrysler and others for 100 billion yen.
Mitsubishi Motors, which is seeking cash to cover losses in the US, is negotiating with DaimlerChrysler and other Mitsubishi group companies to sell all or most of its 42% stake in Fuso, a person familiar with the negotiations told Dow Jones.
The source told the news agency that the two companies are aiming to sign an agreement within the next month or so under which DaimlerChrysler, which already owns 43% of Fuso, could increase its stake to as much as 65%, with Mitsubishi group companies buying the remainder of Mitsubishi Motors’ stake. Mitsubishi group companies, including the trading company Mitsubishi Corp., already own 15% of Fuso, Dow Jones noted.
