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Business

DaimlerChrysler Drops Mitsubishi

DaimlerChrysler stocks soared on Friday after company executives announced they had abandoned plans to rescue ailing carmaker Mitsubishi with a multi-billion-dollar investment. The decision comes as a blow to DaimlerChrysler CEO Jürgen Schrempp's vision to turn the company in a worldwide player. After the 1998 merger with Chrysler, Schrempp had bought 37 percent of the Japanese company three years ago, making DaimlerChrysler Mitsubishi's largest shareholder. Mitsubishi is expecting a 72 billion yen (€557.8 million, $659.4 million) loss for the fiscal year ending March 31. DaimlerChrysler officials on Friday said injecting more money into Mitsubishi made no sense for them. They added that they didn't know yet what they would do with their shares. "There is no decision for selling out stake and we are not looking for someone to buy it," DaimlerChrysler Chief Financial Officer Manfred Gentz said, according to AP news agency. In response, the Mitsubishi group of companies, which holds the majority of Mitsubishi Motor shares, announced that it would "do their best" to revive the car maker. Meanwhile, South Korean automobile manufacturer Hyundai announced that it was also in talks to cut ties with DaimlerChrysler, according to Bloomberg news. DaimlerChrysler bought 9 percent of Hyundai four years ago.

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