| Japanese automaker Mitsubishi may soon become a division of the German-American automobile concern DaimlerChrysler. The Japanese news agency Kyodo Tsushin reported this on Tuesday. The concern now owns 37.5% of the shares of the Japanese company. DaimlerChrysler management has raised the issue of purchasing a controlling stake in Mitsubishi more than once, but so far it has not been possible to agree on the terms. Now that Mitsubishi is one step away from another restructuring, it has become obvious that it cannot do without a new substantial portion of financial injections. The only source of investment is DaimlerChrysler, which has already invested significant funds in the Japanese manufacturer.
The amount of the upcoming transaction, which will include both payment for shares and investments in stabilizing the financial position of Mitsubishi, is growing before our eyes. Just a week ago, the Japanese newspaper Nihon Keizai Shimbun limited it to $4 billion, now it is $6 billion. It is not yet known whether the payment will be made immediately or in parts. Most likely, most of the amount will be used to purchase Mitsubishi shares, which will actually lead to a complete takeover of the company in the next few years, the rest will be used to pay off debts and optimize production. The final decision will be made on April 29 at a meeting of the DaimlerChrysler board of directors.
Mitsubishi has been trying to pay off debts and cut costs for several years now. The situation is aggravated by the company's recently damaged reputation, which has caused a decrease in demand for its cars. Mitsubishi's prestige fell after it became clear that the company's management deliberately hid design flaws in some models. As a result, about 2 million cars were recalled from the market. So far, the concern has solved its problems in two ways: by closing enterprises and firing employees. The last time Mitsubishi used this tactic was at the beginning of the month - after the closure of one of the Japanese factories, more than a thousand people lost their jobs. At the same time, it was decided to reduce the model range on the local market. Nine right-hand drive models were immediately removed from the assembly line. At the end of the month, management must approve the next restructuring plan. According to company representatives, the result will be a staff reduction of up to 40 thousand. A total of 4.5 thousand people will be laid off at enterprises in Japan, Europe, the USA and Australia. Thus, since 2000, when DaimlerChrysler began to reform Mitsubishi, the Japanese company will lose almost half of its employees. Denis UVAROV
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