DaimlerChrysler plans deal to sideline MTU families, report says
FRANKFURT -- DaimlerChrysler is planning to hand over the operations of heavy diesel engine unit MTU Friedrichshafen to a second firm and liquidate the old holding company in an asset deal, Handelsblatt reported.
Reprints
Print
Respond
Citing financial sources, the German financial daily wrote in an advance copy of its Tuesday edition that Daimler could be flexing its muscle in order to get the two other main shareholders into freeing up the disposal of MTU after its sale was recently put on ice.
While the German Zeppelin and the Maybach families, who own roughly 12 percent of MTU, possess wide-ranging veto rights, they could do little to prevent such an asset deal, the paper reported.
Daimler, which intends to sell its 88 percent stake, would likely risk provoking the families into taking legal action if it went through with such a plan, though, thereby reducing the unit's appeal for bidders.
Both Daimler and MTU declined to comment on the report.
