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DaimlerChrysler said on Wednesday (US Eastern Time) that its subsidiary diesel engine manufacturer MTU Friedrichshafen ("MTU") will be sold to headquarters at about 1.6 billion euros (about 1.9 billion U.S. dollars). Swedish private equity operating company EQT. The move aims to focus on the core business.
Also sold with MTU is the company's Detroit Diesel Company. Daimler-Chrysler said that the transaction will be completed in the first quarter of 2006. At present, this transaction needs to be approved by relevant regulatory authorities. The company hopes to receive 1 billion euros (1.2 billion U.S. dollars) in cash income through this transaction.
This acquisition transaction is clearly expected in the market. In September of this year, Daimler-Chrysler stated that it would sell the above-mentioned business. In the bidding war of MTU, it consisted of German truck manufacturer MAN, Swedish capital investment company EQT and US securities companies Kolhlberg Kravis Roberts & Co and Dubai Capital. The acquisition alliance flashed. Ruediger Grube, board member of DaimlerChrysler, said in a statement that the transaction with EQT will help MTU to take the correct route and continue to expand. Grube pointed out that since the previous three parties proposed a similar offer for the tender offer, the company will select the party that is most conducive to the development of MTU. EQT is good at acquiring and developing medium-sized companies. It is reported that after the acquisition of MTU, EQT hopes to market MTU within five years. MTU is headquartered in Friedrichshafen in the south-west of Germany. By the end of last year, it had a total of 6,700 employees, of which 5,850 were in Germany. The company's main production engines were trains, ships, and military vehicles.
Affected by this news, DaimlerChrysler's stock price in the Frankfurt market rose 1.3% to close at 43.37 euros per share (approximately 51.68 US dollars).
Currently, Daimler-Chrysler has been hoping to sell its non-core business to improve the company's core competitiveness. Last month, it sold its Mitsubishi shares in exchange for funds to ease financial pressure.
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Daimler-Chrysler sells 1.6 billion euro diesel engine company