Daimler today sold all of its 5.34% of the ordinary shares of Indian automotive company Tata Motors to various groups of investors through the capital market, the company stated. The carmaker will receive a cash inflow of 300 million euros following this sale, which will also bring approximately 265 million euro to Daimler’s EBIT, to be accounted for in the first quarter of 2010.
Daimler also made clear the move was done in full consultation with Tata Motors, and the relations between the two… (read more)