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DaimlerChrysler to sell two finance operations

DaimlerChrysler, the German-US automotive group, has signalled its withdrawal from non-core financing activities by agreeing to sell two operations to GE Capital of the US for around £800m, reports FT.com.

The company said the sale of its commercial real estate financing business and its asset-based lending portfolio could pave the way for further disposals or joint venture deals for its five remaining non-auto financing operations.

Funds raised by the disposal are expected to shore up DaimlerChrysler's balance sheet, along with a further £2.8bn injection from its sales of a 50 per cent stake in software venture Debis Systemhaus, to partner Deutsche Telecom.



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