DaimlerChrysler sells its stakes in Hyundai Motor
Today, DaimlerChrysler sold its stakes (10,5%) in Hyundai Motor Company (HMC) for € 740 mill.
Stuttgart, August 16, 2004
The transfer of the shares is part of the realignment of the strategic alliance between DaimlerChrysler and Hyundai Motor, which has been announced in May 2004. There, DaimlerChrysler has decided to sell its stakes at any time and under some circumstances within certain specified periods of time.
As announced in May, the joint development and manufacture of a family of four cylinder gasoline engines between DaimlerChrysler, HMC and Mitsubishi Motors (World Engine Project) will continue, as well as the distribution of HMC’s Atos and Verna (Accent) passenger car models into the Mexican market through DaimlerChrysler’s affiliate, joint procurement activities and the supply by DaimlerChrysler of medium duty engines (OM 906)to HMC for medium buses.
Since commencement of the strategic alliance in September 2000, there have been significant changes in the global commercial vehicle and automotive markets, which have resulted in a repriorization of both companies’ respective strategic objectives. To better address these conditions, the companies determined it was mutually beneficial to realign the alliance in order to reflect more realistically current market conditions. The companies expect that these measures will better position the strategic alliance to deliver value and to pursue additional projects going forward.
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