Mitsubishi Motors says Phoenix Capital to Hold 40% of Refinanced Company

KYO, May 21, 2004; Reuters reported that Japan's Mitsubishi Motors Corp (MMC) (Tokyo:7211.T - News) said on Friday that Phoenix Capital's stake in the auto maker would be around 40 percent, assuming it bought 100 billion yen of common shares. DaimlerChrysler AG's holding would fall to between 22 and 23 percent from 37 percent. Phoenix Capital, a Tokyo-based investment fund with close ties to the Mitsubishi group, plans to inject at least 70 billion yen ($621.4 million) and intends to raise that to 100 billion yen to become the top shareholder of the struggling auto maker as part of a massive rescue package.