Volvo to sell Misubishi stake to DaimlerChrysler
STOCKHOLM (April 11, 2001) — AB Volvo said it has agreed to sell its 3.3% stake in Mitsubishi Motor Co. for about $297 million to DaimlerChrysler AG.
DaimlerChrysler, which will own 37.3% of Mitsubishi, will pay about $143.5 million for the stock and $153.5 million for contractual agreements and rights associated with developing new light commercial vehicles with Mitsubishi.
DaimlerChrysler, the world’s largest commercial-vehicle maker and the parent of Freightliner LLC, said it wanted to acquire Volvo’s stake in order to better position itself in the Asian commercial vehicle market.
The transaction requires the approval of DaimlerChrysler’s supervisory board and government agencies.
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