[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Monday, 14 November 2005, 06:25 GMT
Goldman sells on Mitsubishi stake
Mitsubishi Colt
Mitsubishi's new Colt model is enjoying good sales
Investment bank Goldman Sachs has sold on a 12.4% stake in Mitsubishi Motors, just three days after buying it from German carmaker DaimlerChrysler.

The new buyers of the shares have not been named, but analysts believe Goldman Sachs has sold them to global institutional investors.

Shares in Mitsubishi Motors, Japan's only loss-making carmaker, fell 11% on the news.

Commentators said investors were not pleased by the quick resale.

Scandal aftermath

"Investors are turned off by the frequent changes in MMC's [Mitsubishi Motors] stakeholders, especially given that the company is going through restructuring now," said Nagayuki Yamagishi, strategist at Mitsubishi UFJ Securities.

Mitsubishi Motors has been struggling in the face of a defect scandal.

Last year, it was forced to admit that it had previously covered up a number of faults to avoid bad publicity.

Last week Mitsubishi said sales were recovering in Japan and Europe, but were still falling in the US.




SEE ALSO:
Daimler sells stake in Mitsubishi
11 Nov 05 |  Business
Mixed sales figures at Mitsubishi
10 Nov 05 |  Business
Mitsubishi Motors narrows losses
02 Aug 05 |  Business
Carmakers rev up growth prospects
27 Jul 05 |  Business
Losses widen at Mitsubishi Motors
23 May 05 |  Business
Ex-bosses hit by Mitsubishi suit
30 Mar 05 |  Business


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific