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Business

DaimlerChrysler to Sell MTU to U.S. Investor

DaimlerChrysler plans to sell its defense sector subsidiary MTU Aero Engines to U.S. investor Kohlberg Kravis Roberts (KKR). The car manufacturer's management board has approved the sale, DaimlerChrysler announced on Friday in Stuttgart. The deal must still be authorized by the firm's supervisory board and Germany's anti-trust authorities. The transaction is supposed to be completed by the end of December. DaimlerChrysler did not disclose the sale price that resulted from months of negotiations. The firm decided to get rid of MTU because the engine manufacturer didn't fit in with the car maker's profile. The German government had opposed selling MTU to foreign investors, fearing that Germany's defense sector would be sold off to the competition -- U.S. competition in particular. But there were no German bids for MTU.

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