Mitsubishi Motors Corp. said Friday it will spin off its truck and bus business on the road to improving overall competitiveness, with DaimlerChrysler AG set to become the top shareholder in the new firm next spring.
Mitsubishi Fuso Truck and Bus Corp. will be established Jan. 6 and will initially operate as a wholly owned subsidiary of MMC, the Japanese automaker said.
In the spring, DaimlerChrysler, MMC's largest shareholder, will acquire a 43 percent equity stake in MFTBC for 89 billion yen, and several Mitsubishi group companies will collectively purchase a 15 percent interest in the new entity for 31 billion yen. The remaining 42 percent will be held by MMC.