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A Roller Coaster Week for Mitsubishi and DaimlerChrylser

April 30, 2004

FRANKFURT -- DaimlerChrysler AG CEO Juergen Schrempp said in a staff letter Friday the company will retain its 37 percent stake in Mitsubishi Motors Corp., according to a Reuters report. The news is the latest in a whirlwind week for both companies. Last Friday DaimlerChrylser announced it will not bankroll the ailing Japanese automaker’s restructuring efforts and may sell its stake in the company. DCX shares shot higher.The decision led to the resignation of Mitsubishi president and chief executive officer Rolf Eckrodt on Monday. A day later DaimlerChrysler denied reports that Schrempp offered to resign. As Mitsubishi went looking for a new savior, DaimlerChrysler announced a 10 percent rise in first-quarter profit. The Mitsubishi group went looking for foreign private equity funds to rescue Mitsubishi Motors. A Japanese newspaper reported Toyota might be part of the equation.Now DCX will keep its stake, though Mitsubishi still needs about $3.18 billion in bailout money. Schrempp wrote Thursday “we could not see an acceptable return for our investors in the foreseeable future on the financial burden we would have to accept.”Stay tuned.
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