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Mitsubishi’s Capital Increase Plans Not Finalized

April 6, 2004

DaimlerChrysler AG says a report that its Mitsubishi Motors unit would allow institutional shareholders to participate in Mitsubishi’s planned capital increase is pure speculation, Reuters reports. The Financial Times reported that Daimler’s 37 percent-owned unit would offer 20 to 33 percent of its planned 200-300 billion yen ($2.9 billion) issue to institutional shareholders. A spokesman for Daimler told Reuters Tuesday that the plan has not yet been finalized. Mitsubishi needs shareholders to inject that money to fuel its new model development, cut debt and clean up its balance sheet. Previously, it was expected that only Mitsubishi’s large shareholders would take part in the capital increase, Reuters reports.DaimlerChrysler’s annual general meeting will take place on Wednesday in Berlin. Company Chairman Juergen Schrempp will be asked for definitive steps in how the company plans to restructure Mitsubishi. Yet Schrempp’s job is secure, as major German fund managers and large shareholders such as Deutsche Bank and the State of Kuwait line up to endorse Schrempp’s performance, Reuters reports.Amidst the restructuring DaimlerChrysler has picked Andreas Renschler to be chief executive of Mitsubishi Motors, according to a report by Bloomberg. Renschler is transitioning from his position as president of DaimlerChrylser's Smart GmbH mini car unit.
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