Daimler sells Tata shares

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Daimler announced today that it sells its Tata shares which will bring it a cash inflow of around 300 million Euros. Daimler sold today its 5.34% stake in the Indian automotive company Tata Motors to various groups of investors. Tata Motors share price has risen significantly last year so Daimler ceased the moment to capitalize on this. The sale of the Tata shared with have a positive effect on Daimler's EBIT of around 265 million Euros which will be accounted in 2010.

Daimler aims to increase its market share on the Indian passenger and commercial vehicle markets so an equity participation in Tata is no longer necessary.

Daimler sold the Tata shared after it has

consulted with the Indian carmaker, so the relations between the two companies have not been affected by this transaction.

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Source: Daimler