DaimlerChrysler Sells Stake In Hyundai

By Agence France-Presse German-U.S. automaker DaimlerChrysler AG said Aug. 16 that it has sold all of its 10.5% stake in South Korean car manufacturer Hyundai Motor Co. for over $900 million. "I can confirm the sale. We've generated proceeds of more than $900 million from the sale, and we've booked a gain of $472 million from the transaction," a company spokesman said. "But what is important is that the cooperation projects continue between our companies." DaimlerChrysler said earlier this month that it plans to launch a new sales offensive in China, the world's fastest growing producer of cars, to try to help salvage its Asian strategy. The company's plans were first called into question in April when it decided to pull the plug on further financing for its Japanese partner Mitsubishi Motors Corp., which is posting heavy losses. The move, which came as a surprise, was widely interpreted as a setback for DaimlerChrysler's ambitious international expansion campaign. Then, barely three weeks later, the German-U.S. concern announced it was ending its fraught alliance with Hyundai. Copyright Agence France-Presse, 2004