DaimlerChrysler Ups Stake in Asian Market

AUTOMOBILES

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DaimlerChrysler is paying more than $1.1 billion for stakes in commercial vehicle businesses being spun off by Japan’s Mitsubishi Motors Corp. and South Korea’s Hyundai Motor Co., a move intended to strengthen the German American auto maker’s position in the growing Asian market.

DaimlerChrysler said it will buy a 43% stake of the Mitsubishi spinoff, to be called Mitsubishi Fuso Truck and Bus Corp., for about $750 million. The company also will exercise an option to purchase a 50% share in the joint venture with Hyundai, a deal valued at $395 million.

Shares of DaimlerChrysler rose $1.09 to $37.59 on the New York Stock Exchange.