DaimlerChrysler to sell Hyundai stake

[United Press International]

STUTTGART, Germany, May 4 (UPI) -- German automaker
DaimlerChrysler plans to sell its nearly $1 billion stake in South
Korean automaker Hyundai, the Financial Times reports.
The sale follows DaimlerChrysler's decision not to channel
any more funds into Japanese auto partner Mitsubishi Motors.
DaimlerChrysler bought the 10.5 percent stake in Hyundi,
valued at $940 million, nearly four years ago for roughly $400
million to gain a foothold in the Asian market.
Operational delays, as well as competition for the Chinese
market, has caused tensions between the two automakers.
Last year, Hyundai reacted angrily to news of an agreement
between DaimlerChrysler and China's Beijing Automotive Industry
Holding Company, saying Hyundai had an exclusive partnership with
BAIC.