DaimlerChrysler buys 43% of Mitsubishi Fuso

DaimlerChrysler AG said March 14 that it has purchased a 43% stake in Mitsubishi Fuso Truck and Bus Corp for $767.7 million US to boost its presence in the Asian truck market.

Mitsubishi Motor Corp, in which DaimlerChrysler holds a 37% controlling stake, would retain 42% of the shares in the truck unit, while other Mitsubishi Group companies would hold the remaining 15%.

According to news sources, Mitsubishi Fuso, which has a 30% market share in Japan, will also help DaimlerChrysler cut costs by using shared components and jointly developing new vehicles.

DaimlerChrysler added that it plans to purchase 50% of Hyundai Motor Corp's commercial vehicles unit, but no official word has been released.

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