Mitsubishi Motors to sell 22% of Fuso to Daimler
January 16, 2004
(Reuters) - Mitsubishi Motors Corp in Tokyo plans to sell a 22 percent stake in Mitsubishi Fuso Truck & Bus to DaimlerChrysler AG in Frankfurt for $489.4 million. The sale, aimed at shoring up the restructuring auto maker's balance sheet after it was badly hurt by problems at a U.S. finance unit, follows news of a possible capital increase for Mitsubishi by DaimlerChrysler and other big shareholders. Mitsubishi Motors and DaimlerChrysler had been negotiating the Fuso deal since late last month. Mitsubishi Motors' stake in the truck maker will be cut to 20 percent from 42 percent. DaimlerChrysler, which owns 37 percent of Mitsubishi Motors, is lifting its stake in unlisted Fuso to 65 percent. Fuso was spun off from Mitsubishi Motors a year ago.