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Mitsubishi 'demerges' trucks

Mitsubishi Motors Corp shareholders this week voted overwhelmingly to spin-off the company's truck operations. Mitsubishi chairman Takashi Sonobe says Mitsubishi will benefit financially from what he called a "demerger" of the profitable truck operation.

Mitsubishi Motors will receive about 120 billion yen, or $1 billion from selling shares in the newly formed Mitsubishi Fuso Truck and Bus Co. DaimlerChrysler AG will pay Mitsubishi about $742 million for a 43 per cent stake in the truck company.

And a group of about 10 Mitsubishi Group companies will pay another $258 million for a 15 per cent stake.

Mitsubishi Motors will retain a 42 per cent stake in Mitsubishi Fuso.

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