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Article: Daimler, Mitsubishi announce $2 bil. link.
- Article from:
- United Press International
- Article date:
- March 27, 2000
CopyrightCOPYRIGHT 2000 United Press International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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STUTTGART, Germany, March 27 (UPI)
The German-American car company DaimlerChrysler AG and Japan's Mitsubishi Motors Corp. have announced a tie-up to create the world's third largest automaker, racing past the current No. 3 Toyota Motor Corp.
The $2.1 billion deal gives DaimlerChrysler a controlling, 34 percent stake in the financially troubled Japanese company. The automakers' combined global sales top 6.4 million vehicles a year.
The deal eclipses other recently announced alliances in the consolidation-frenzied auto industry between General Motors Corp. and Fiat SpA, and Ford Motor Co.'s proposed buyout of Rover Group Ltd. from BMW AG.