DaimlerChrysler finalizes Mitsubishi car deal

FRANKFURT, Germany (Aug. 1, 2000) — DaimlerChrysler AG finalized its agreement to take a 34% stake in Mitsubishi Motors Corp., giving the automaker a stronger presence in Asia.

The deal, valued at four billion marks ($1.91 billion US), makes DaimlerChrysler the world’s third-largest automaker, behind General Motors Corp. and Ford Motor Co. DaimlerChysler is reportedly near an agreement to take a 10% stake with South Korean automaker Hyundai.

The agreement with Mitsubishi does not include commercial truck operations, of which Volvo AB owns roughly 20%. Volvo Trucks North America distributes Mitsubishi trucks in Canada.

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