DaimlerChrysler could sell its 10,5 per cent stake in Hyundai as early as next week, though the German-American manufacturer says it is in no hurry to sell.
DaimlerChrysler’s 10,5 per cent stake in Hyundai could be sold as early as next week, though the German-American manufacturer has maintained that it is in no hurry to sell its stake.
Korean media reports have speculated that the R 6,4 billion sale could take place next week, though a Hyundai official played down the quick sale when talking to a news agency.
"It's highly speculative,” the official said. “Clearly, they would have to sell but they wouldn't do so when the market expects that."
The companies announced in May this year that DaimlerChrysler would sell its stake after the partners scaled back a four-year-old alliance to produce commercial vehicles and cars.
As a part of the agreement, the two firms agreed to end a South Korean truck engine joint venture, with Hyundai buying DaimlerChrysler's 50 per cent stake.
"Both companies have agreed that successful co-operation on a per-project basis is possible without a shareholding relationship,” the carmakers said in a joint statement at the time.
“DaimlerChrysler may sell such shares at any time and under some circumstances will do so within certain specified periods of time."
A DaimlerChrysler spokesman on Wednesday said: "We are under no time pressure to do that and we are watching the market."
The manufacturer’s head of corporate development, Ruediger Grube, in June told the news agency that the sale would be concluded within two years.
Original article from Car