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DaimlerChrysler Keeps Mitsubishi Shares

April 30, 2004

STUTTGART, Germany--DaimlerChrysler will hold onto its 37 percent stake in Mitsubishi Motors, said CEO Juergen Schrempp in a letter to the employees.

The Associated Press got hold of a letter from Schrempp to the company on Friday. In it, Schrempp said last week's decision not to bail out Mitsubishi "has not altered our strategic goal of establishing firmly our presence in Asia," according to AP. He also said that the company will continue joint projects with Mitsubishi and maintain its holding in it.

Schrempp said the purpose of the letter was to answer concerns raised in all the media coverage of DaimlerChrysler's decision.

Mitsubishi is reportedly working on a $2.3 billion bailout plan, restructuring the proposal for shareholders after learning that DaimlerChrysler had dropped support. Sources at Mitsubishi said the company plans to expand in Southeast Asia and keep its plants in Japan, reported Reuters.

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