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Daimler Chrysler Plans Takeover
http://www.sina.com.cn 2004/04/14 15:13  Shanghai Daily

  Auto giant to spend US$1.43b for control of Mitsubishi Motors

  Daimlerchrysler AG, the world's fifth-biggest automaker, plans to spend 150 billion yen (US$1.43 billion) to take majority control of Mitsubishi Motors Corp as early as 2006 and revive Japan's only unprofitable carmaker, executives said.

  DaimlerChrysler, which owns 37 percent of the Tokyo-based automaker, plans to buy the shares in two years, said the executives, who declined to be named. The German company separately agreed to invest 250 billion yen this year, as part of a bailout plan with the Mitsubishi group of companies.

  "Now we have a clear idea of the DaimlerChrysler-led revival plan," said Teruhisa Ishikawa, manager of Tokyo-based Mizuho Investors Securities Co. "We can assume the shareholders' financial aid has been in place and that will help Mitsubishi Motors develop new models."

  DaimlerChrysler, which has picked Andreas Renschler from its Smart GmbH mini car unit to run Mitsubishi Motors, wants time to develop new models, pare 1.14 trillion yen of debt and improve the Japanese carmaker's earnings. By waiting two years before making Mitsubishi Motors its subsidiary, DaimlerChrysler avoids adding the Japanese company's debt to its books and gives Renschler time to help Japan's fourth-biggest carmaker compete with larger rivals Toyota Motor Corp and Nissan Motor Co.

  Mitsubishi Motors, which makes Pajero sport-utility vehicles, has been hurt after US sales fell 26 percent following a tightening of its loan policies to counter surging defaults. The carmaker's brand image has also been hurt by a global recall of more than 2 million vehicles.

  On the Tokyo Stock Exchange, shares of Mitsubishi Motors surged 6.5 percent to 343 yen. The stock has risen almost a fifth since April 2 when DaimlerChrysler executives started discussions on its revival.

  The Mitsubishi group of companies plan to invest about 120 billion yen in Mitsubishi Motors, with 100 billion yen coming from Mitsubishi Heavy Industries Ltd, Mitsubishi Corp and Bank of Tokyo-Mitsubishi Ltd, executives said.

  Other group companies, including Mitsubishi Trust & Bank Corp, Tokio Marine and Fire Insurance Co and Meiji Yasuda Life Insurance Co, will invest about 20 billion yen, they said.

  Mitsubishi Motors will probably borrow about 150 billion yen from a group of banks, including 50 billion yen from state-run Development Bank of Japan. The rest may come from banks such as Deutsche Bank AG and Bank of Tokyo-Mitsubishi.

  DaimlerChrysler, which bought its 37 percent stake in Mitsubishi Motors in 2000, last week said it plans to raise its stake to more than 50 percent after the Japanese firm cuts its debt and returns to profitability.

  (Bloomberg News)




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