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Mitsubishi Motors to Sell 22% Fuso Stake to DaimlerChrysler

  • Further focus on core business of passenger car operations
  • Boost for ability to invest in new model development

Tokyo, January 15, 2004 - Mitsubishi Motors Corporation (MMC) today announced that its Board of Directors has decided to sell a 22 percent stake in Mitsubishi Fuso Truck and Bus Corporation (MFTBC) to DaimlerChrysler (DC). MMC and DC agreed on a purchase price of about 52 billion yen. The transaction, which is still subject to approval by antitrust authorities, is expected to be finalized by the end of March 2004.

"Today's decision is the logical next step in our strategy to focus on passenger car operations," said Rolf Eckrodt, MMC President and Chief Executive Officer. "The proceeds will provide extra traction for MMC's ability to invest in new model development. The closer relationship with the world's leading commercial vehicle maker DaimlerChrysler will put Mitsubishi Fuso into an even better position to succeed in an increasingly competitive industry."

On January 6, 2003, MMC spun of its truck and bus operations and established MFTBC. On March 14, the sale of 43 percent of MMC's shares in MFTBC to DC and 15 percent of MMC's shares to companies within the Mitsubishi Group became effective. On December 11, the Supervisory Board of DC authorized its Board of Management to increase DC's holding in MFTBC above the present level.

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