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GERMANY: DaimlerChrysler to sell Mitsubishi stake

By just-auto.com editorial team | 11 November 2005

DaimlerChrysler has agreed to sell its remaining equity interest of 12.4% in Mitsubishi Motors Corporation (MMC).

Due to the complete sale of its shares in MMC, DaimlerChrysler's financial income in 2005 will improve by approximately EUR500m.

Proceeds of the sale and the exact impact on financial income will be announced by the end of November.

In a statement, DC said the the current cooperation projects between itself and MMC will not be affected by the disposal, and will continue as previously agreed.

These include the joint development and production of engines, the shared use of vehicle architecture and the joint production of vehicles in Europe, North America, China and South Africa.

"In addition, DaimlerChrysler and MMC plan to renew and extend current projects which are mutually beneficial," the statement added.

DC's Rudiger Grube has resigned from the MMC board.