DaimlerChrysler Says No More To Yen Mitsubishi

BERLIN, April 22, 2004; Reuters reported that Daimlerchrysler said it was ceasing further financial support for Japan's Mitsubishi Motors Corporation.

DaimlerChrysler said in a statement that its management and supervisory boards had decided in an extraordinary meeting "not to participate in a capital increase planned by Mitsubishi Motors Corporation (MMC) and to cease further financial support for MMC."

The statement said: "After the earnings collapse of MMC in fiscal 2003, MMC has established a new business plan with the strong support of DaimlerChrysler.

"According to this plan, substantial financial resources are required to guarantee a sustainable financial recovery of the company.

"Together with the major shareholders of the Mitsubishi Group DaimlerChrysler has tried hard to establish a solid financial structure. However, it was not possible to find a solution leading to an acceptable result for DaimlerChrysler."