DaimlerChrysler confirms Maybachs offer MTU stake
FRANKFURT (Reuters) -- DaimlerChrysler confirmed on Thursday that the founding Maybach family had offered to sell its 7.2 percent stake in heavy diesel unit MTU Friedrichshafen to the German-American carmaker.
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"DaimlerChrysler welcomes the decision of the family shareholders to offer us their stake in MTU Friedrichshafen as an important step for the future direction of the company and its staff," a spokesman said.
He gave no financial details for the transaction.
A source familiar with the situation told Reuters on Wednesday, September 7, that German truckmaker MAN had previously offered 1.1 billion euros ($1.4 billion) for the whole of MTU Friedrichshafen before talks broke down earlier this year.
The source said the Maybach family planned to sell the 7.2-percent stake to DaimlerChrysler for significantly more than the 80 million euros that would correspond to such a valuation.
DaimlerChrysler already controls 88 percent of MTU. The Brandenstein-Zeppelin family owns the rest.
The three owners have publicly clashed over the planned divestment of MTU, with Daimler vetoing the families' plan to dispose of their stakes to U.S. private equity firm the Carlyle Group. Daimler wanted at least two bidders to achieve a higher price.
The dispute has since moved to the courts.
MTU manufactures diesel engines for ships, tanks and other heavy vehicles.
