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Friday, 20 September, 2002, 06:49 GMT 07:49 UK
Daimler takes stake in Mitsubishi trucks
Mitsubishi Fuso truck
Fuso admits Daimler to the Asia truck market
DaimlerChrysler has bought a 760m euros (482m) minority stake in Japanese partner Mitsubishi Motors' best performing unit, Fuso trucks.

The company also said it would exercise an option to buy 50% of South Korea's Hyundai Motor by the end of the year for 400m euros.

The deals further DaimlerChrysler's strategy to raise its presence in the Asian truck market and will save both money on development and production costs.

Almost half of all global commercial vehicles sales are in Asia but DaimlerChrysler has until now had to rely on its Mitsubishi partnership for truck sales in the region.

Daimler expands

DaimlerChrysler would take a 43% stake in the Fuso while Mitsubishi would have 42% with other parts of the Mitsubishi group controlling the remaining 15%.

Under the deal, Mitsubishi will split the Fuso division off into a separate company.

The deal is expected to result in their first jointly made truck going on sale in the Japanese market as early as 2005.

DaimlerChrysler, the world's biggest truck maker, already controls a 37% stake in Mitsubishi, Japan's fourth largest carmaker.

See also:

03 Sep 02 | Business
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