DaimlerChrysler sells MMC stake

TOKYO/FRANKFURT (Reuters) - DaimlerChrysler AG has sold its entire 12.42 percent stake in Mitsubishi Motors Corp. (MMC) to a unit of Goldman Sachs effective Friday, MMC said, making the brokerage a top shareholder in the Japanese auto maker.

The fate of DaimlerChrysler's reduced ownership of Japan's only unprofitable car maker had been a subject of speculation after the German-U.S. auto giant refused its former affiliate further financial assistance in April last year.

Stuttgart-based Daimler, which still has some close operational tie-ups with MMC such as the joint development of engines and vehicle platform sharing, had repeatedly said it would hold on to its former partner's stake.

The partners said existing projects with MMC would not be affected by Daimler's disposal of the shares, adding the companies planned to extend mutually beneficial projects.

Analysts touted DaimlerChrysler's move.

"Daimler showed good timing with the sale," said Michael Punzet, an analyst at Landesbank Rheinland-Pfalz.

"The money will help offset the financial burden from its planned job cuts," he added, referring to a planned reduction of 8,500 jobs at the Mercedes group in Germany.

DaimlerChrysler said its earnings would also improve, by about 500 million euros, this year from the sale.

Goldman Sachs would not comment on the purpose of its purchase of DaimlerChrysler's 548.372 million MMC shares.

However, a financial source said the deal was likely not meant for Goldman's own investment but that the London-based unit, Goldman Sachs International, would sell the shares to third parties or to other institutional investors.

Since DaimlerChrysler refused MMC further help, the Japanese auto maker has been bailed out by sister companies in the Mitsubishi group and investment funds through their purchase of new shares, reducing Daimler's controlling 37 percent stake.

If shares held by group companies are included, Mitsubishi Heavy Industries Ltd. will still be MMC's top shareholder with a combined 13.9 percent as of end-September, the auto maker said.

guarda se alla fine Mitsubishi non entrera' qualcosa con Fiat e da li si riallaccia il progetto smart eh...