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DaimlerChrysler sells Hyundai stake

DaimlerChrysler has sold its 10.5% stake in Hyundai Motors.

The buyer has not been named, but the move is expected to raise more than $900 million (£489m). DaimlerChrysler bought a 10% stake in the company for $428 million in 2000, then increased this to 10.5% in 2001. The total spend was put at $571.6 million.

The sale was expected after the two companies said earlier this year they wanted to scale back their relationship, but DaimlerChrysler said it will continue joint projects, such as the development of petrol engines, with its Korean partner.

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