TOKYO (AP) _ Mitsubishi Motors Corp. will dissolve an
engine-production venture with DaimlerChrysler AG (NYSE:DCX) by
selling its stake to the German automaker, a news report said
The report by Kyodo News agency cited Mitsubishi officials it did
not identify by name.
DaimlerChrysler spokesman Florian Martens confirmed in a
telephone interview from the German city of Stuttgart that his
company was currently in talks to purchase Mitsubishi's stake in the
``It's our intention to do that,'' Martens said. He declined to
comment on the price of the stake, saying only that ``talks are
Ailing Mitsubishi ended its capital ties with DaimlerChrysler
last November. The Japanese automaker hasn't decided on the sales
price of its stake in the German engine venture, Kyodo said.
The joint venture has provided engines for Mitsubishi's auto
assembly factory in the Netherlands, which has manufactured
Mitsubishi cars as well as DaimlerChrysler's Smart compact cars
under contract, according to Kyodo.
The NedCar plant in the south of the Netherlands also faces
changes, including job cuts, after DaimlerChrysler said earlier this
month it plans to cut short a contract to produce its Smart forfour