Daimler dumping stake in Tata Motors, sources say
MUMBAI/FRANKFURT (Reuters) -- Daimler AG is selling its entire stake in India's Tata Motors Ltd. to raise up to $429 million, sources familiar with the matter said today.
Quote from the article:
Source: Daimler dumping stake in Tata Motors, sources say
Quote from the article:
Daimler is offering 25.6 million shares in India's largest vehicle maker at 737.4 rupees ($16.2) to 761.3 rupees each, which is 4 percent to 7 percent below the stock's close of 796.75 rupees earlier today, sources said. The shares, which represent a 5.34 percent stake in the automobile firm, will be sold in the open market in block deals, a source with knowledge of the matter said. "The book is just being built," he said. The Tata group was not interested in buying the stake, Chief Financial Officer C. Ramakrishnan told Reuters. "Daimler is selling the stake in the open market ... we are not involved ... I don't think any of the Tata Group companies are interested in the stake," he said. |
Source: Daimler dumping stake in Tata Motors, sources say
Related Stories
02/23/2010 09:40 AM: Daimler join forces with Renault/Nissan for future small car platform by DavidGPAfter two years of trying (with BMW/Mini and also with Peugeot/Citroën), Daimler chairman Dieter Zetsche and his engineering chief Thomas Weber have finally struck a deal with Renault-Nissan to develo...
02/15/2010 09:41 AM: Daimler Said to Agree to Pay $200 Million Over Probe of Bribes by Timothy Tibbetts
Daimler AG agreed to pay about $200 million and two subsidiaries will plead guilty to resolve a U.S. investigation into whether it paid bribes to secure business overseas, according to people familiar...
02/05/2010 04:44 PM: Bernhard will take key post at Mercedes, Daimler says by Timothy Tibbetts
Wolfgang Bernhard will take a key role at Daimler AG's Mercedes-Benz Cars unit, the company said today. Bernhard will join Daimler's management board with responsibility for Mercedes-Benz Cars' pro...
12/17/2009 06:58 AM: Renault in Talks With Daimler on Vehicle Technologies by Jon Maor
Dec. 17 (Bloomberg) -- Renault SA, France’s second-largest carmaker, said Daimler AG is a potential partner for sharing vehicle technology in a linkup that would lower expenses. ...
