Daimler Sells 5.34% Stake In Tata Motors
Daimler has sold all of its 5.34% of the ordinary shares of Indian automotive company Tata Motors to various groups of investors through capital market. It will receive a cash inflow of approximately EUR300m from the sale.
The company expects a positive effect due to the transaction on it's EBIT of approximately EUR265m and is expected to be accounted for in the first quarter of 2010.
Daimler said that it is in an excellent position to capitalize on the growth potential of the Indian passenger and commercial vehicle markets and continues to intensify its own activities there. Therefore, an equity participation of Daimler in Tata is no longer necessary.
Automotive company Daimler manufactures commercial vehicles with its divisions Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services. Daimler Financial Services provides automotive financial services including financing, leasing, insurance and fleet management.
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