— The Board of Directors of Mitsubishi Motors Corporation (MMC), Tokyo, and the Supervisory Board of DaimlerChrysler AG (DCAG), Stuttgart, have approved today a Letter of Intent (LOI) regarding the compensation for financial damages resulting from quality issues and recalls at Mitsubishi Fuso Truck and Bus Corporation (MFTBC). The LOI consists of the following aspects: a cash payment; the transfer of the remaining 20% share of MMC in MFTBC to DCAG; the agreement that MMC will continue to maintain 100% ownership of NedCar plus additional operative cooperation between MMC and MFTBC in various other areas.
On the basis of this non-binding LOI a final contractual agreement is expected to be reached in March.
