DaimlerChrysler sells its 10.5 percent stake in Hyundai

Manufacturing News, Source : TheManufacturer.com
Published : 17 Aug 2004 15:15

DaimlerChrysler, the world’s fifth-largest automaker, sold its stock in leading South Korean automaker Hyundai for $912 million.

DaimlerChrysler owned 10.5 percent of Hyundai. The stock selloff was done to raise funds after DaimlerChrysler’s Mercedes-Benz division suffered significant losses.

The company had bought 10.5 percent of Hyundai in 2000 and 2001 for a total of about $570 million. The selloff thus yielded approximately $342 million in profit.

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