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Mitsubishi Motors(MMC) and DaimlerChrysler signed agreements regarding an equity tie-up on July 28.
The companies agreed to and implemented changes to the contents on Sep. 8.
After obtaining the required antitrust approvals,
MMC and DaimlerChrysler completed their equity alliance today,
with DaimlerChrysler making a 34% equity investment [202.4 billion yen (405yen/share)]
in MMC and MMC issuing convertible bonds in a principal amount of 19.2 billion yen to DaimlerChrysler.
With the completion of the equity alliance,
DaimlerChrysler personnel will formally assume positions in MMC management as of today.
Manfred Bischoff will serve as Non-Executive Member on the MMC Board ;
Steven A. Torok and Ulrich W. Walker will serve as Executive Members on the MMC Board ;
and Alexander Paufler will serve as a Senior Executive Officer.
Mr. Rolf Eckrodt will assume his position as COO of MMC after he finishes his current job at Adtranz.
The completion of the equity alliance gives both companies the green light to start collaborating on projects.
| [Mitsubishi Motors major shareholders] |
(thousands of shares) |
| Shareholders |
After DC participation
(as of Oct. 19, 2000) |
Before DC participation |
No. of
shares |
equity
ratio |
No. of
shares |
equity
ratio |
| DaimlerChrysler AG |
499,856 |
34.00% |
- |
- |
| Mitsubishi Heavy Industries, Ltd. |
248,589 |
16.91% |
248,589 |
25.62% |
| Capital Research and Management Company |
88,763 |
6.04% |
88,763 |
9.15% |
| Mitsubishi Corporation |
77,492 |
5.27% |
77,492 |
7.99% |
| AB Volvo |
48,516 |
3.30% |
48,516 |
5.00% |
| The Mitsubishi Trust and Banking Corporation |
45,256 |
3.08% |
45,256 |
4.66% |
| The Bank of Tokyo-Mitsubishi, Ltd. |
43,026 |
2.93% |
43,026 |
4.43% |
NOTE: Shareholding figures are as of March 31, 2000 (excluding DaimlerChrysler).
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