"German carmaker DaimlerChrysler has sold its 12.4 per cent stake in troubled Japanese automaker Mitsubishi Motors. The share was bought by investment bank Goldman Sachs Group Inc. DaimlerChrysler once had a 37 per cent stake in Mitsubishi."
" 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 cut off its financial lifeline to its former affiliate in April 2004.
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.
[...]
MMC on Thursday posted a smaller interim loss than it had forecast but offered a cautious outlook for the second half. It still expects to report a loss for the full year to March 2006 in what would be its third straight year in the red.
Goldman Sachs declined comment on its purchase of DaimlerChrysler's nearly 548.4 million MMC shares.
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."
Mitsubishi has also projects with other manufacturers. Peugeot/Citroen future 4x4 models are based on a Mitsubishi (or just the Mitsubishi rebadged).