AUTOS
From Times Staff and Wire Reports
Chrysler to End Stake in Mitsubishi: America’s No. 3 auto maker announced the move after more than two decades of ownership of the Japanese company. The move is expected to net Chrysler about $150 million, money that Wall Street analysts said Chrysler can put to better use. “It’s a non-earning asset on their books, so they could turn the cash into an earning asset,” said Paine Webber Inc. analyst Steve Girsky. Chrysler has sold Mitsubishi Motors shares three times in the last year, whittling its stake to just over 2.7%. It said it plans to sell 23.25 million shares, or 2.72%, of Mitsubishi.
