DCX bails from Mitsubishi
Posted Nov 11, 2005, 9:00 PM ET by Eric Bryant
DCX has sold off its remaining 12.4% stake in Mitsubishi, a day after the Japanese automaker confirmed that it had lost over a half-billion dollars in the first half of this year. The move bumped up DCX’s stock price by 2%, while stuffing its pockets with nearly $600M (that money is said to be going towards the $1.1B hit that Mercedes will take to cut 8,500 workers). Current joint projects between the companies are said to be unaffected, but undoubtedly this is the final nail in the coffin for a previous plan that essentially had Mitsubishi taking over Chrysler’s small-car and midsize development.
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DCX bails from Mitsubishi
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