DaimlerChrysler on Monday reported the sale of its 10,5 per cent stake in Hyundai, expecting to raise more than R5,8 billion after the two companies earlier this year agreed to scale back their relationship.
DaimlerChrysler on Monday reported the sale of its 10,5 per cent stake in Hyundai, expecting to raise more than R5,8 billion after the two companies earlier this year agreed to scale back their relationship.
Company spokesman Toni Melfi told Associated Press that the existing co-operation between the two companies would continue, including a joint purchasing project and plans to build a new four-cylinder engine.
“All the projects will go on,” Melfi said. He added that it was “too soon” to say who had bought the DaimlerChrysler shares.
It was speculated last week that the sale could be concluded as early as this week, though DaimlerChrysler denied this. A DaimlerChrysler spokesman on Wednesday said: “We are under no time pressure to do that and we are watching the market.”
The companies announced in May this year that DaimlerChrysler would sell its stake after the partners scaled back a four-year-old alliance to produce commercial vehicles and cars. As part of the agreement, the two firms agreed to end a South Korean truck engine joint venture, with Hyundai buying DaimlerChrysler’s 50 per cent stake.
