DaimlerChrysler, Mitsubishi to link

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The flurry of auto industry marriages continued today with DaimlerChrysler, Stuttgart, and Mitsubishi Motors, Tokyo, announcing plans to form a venture to jointly design and sell cars. DaimlerChrysler will spend a reported $2 billion to acquire a 34% stake in Mitsubishi. The final deal is expected to be inked in the next few months. Industry observers expect DaimlerChrysler would consolidate Mitsubishi's global media buying at its own shops-- BBDO Worldwide-owned PentaCom, Troy, Mich., handling North America; BBDO's GFMO, Hamburg, with Germany; and DCMA, which has the rest of the world.

Copyright March 2000, Crain Communications Inc.

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