Daimler buys Mitsubishi stake

TOKYO, Japan – Daimler Chrysler AG, one of the largest automakers in the world and owner of nameplates such as Freightliner and Sterling, has purchased approximately one third of Mitsubishi Motors. The board of Mitsubishi Motors Corp. had just a few days earlier cleared the way for a capital alliance with DaimlerChrysler AG, voting to let the German-U.S. industrial group buy a controlling stake in the debt-burdened company.

The $2.1-billion investment will boost the DaimlerChrysler’s access in Asia. The deal, however, does not include Mitusbishi’s heavy truck division. Last October, Mitsubishi and Volvo agreed to take a five per cent stake in each other and have formed an alliance in that business.

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