Sells its remaining 12.4% stake in Japanese carmaker
By Richard Milne and David Ibison
FRANKFURT - Daimler-Chrysler AG yesterday sold its remaining 12.4% stake in Mitsubishi Motors Corp., bringing to an end its efforts to create a global automotive empire and closing the book on a disastrous five-year attempt to turn the unprofitable Japanese carmaker.
The sale marks one of the last acts under Jurgen Schrempp, outgoing Daimler chief executive, whose plan to create a worldwide car company has floundered after a series of mishaps.
But it removes one strategic problem from the list confronting his successor Dieter Zetsche, the current head of Mercedes who will take control of Daimler in January.
MMC is now mainly owned by companies under the Mitsubishi umbrella: Mitsubishi Heavy Industries, Mitsubishi Corp. and MUFG, the group's bank.
Source: The National Post, Nov 12, 2005
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