Ta Ta! Germany’s Daimler unloads its shares in India’s Tata Motors
By APTuesday, March 9, 2010
Germany’s Daimler sells shares in India’s Tata
BERLIN — German automaker Daimler AG says it has sold all of its shares in India’s Tata Motors to various groups of investors through the capital markets.
The automaker, based in Stuttgart, said in a statement Tuesday that it will receive some euro300 million ($410 million) for its 5.34 percent stake in Tata, whose share price Daimler says has risen significantly since it purchased a stake.
Daimler says the sale will translate to a euro265 million boost to its pretax profit to be booked in the first quarter of 2010.
Daimler says it no longer needs its stake in Tata because it is in an “excellent position to capitalize on the growth potential of the Indian” markets itself.
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