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Daimler sells stake in Mitsubishi

DaimlerChrysler has sold its remaining 12.4% stake in Mitsubishi Motors to investment bank Goldman Sachs.

The German-US firm said the sale would boost its 2005 profits by about €500m (£336m).

It added that current cooperation projects between the two companies would not be affected by the disposal.

Yesterday Mitsubishi posted a net loss of 63.8bn yen (£310m) for the first half of 2005, an improvement of 115bn yen (£558m) on the same period last year.

The Japanese company cited low OEM supply volumes in overseas markets as the main reason behind its struggling performance.

(Source: bbc.co.uk)



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