DaimlerChrysler ended its investment in Mitsubishi Motors today by selling its entire 12.42% stake in the Japanese car maker.
Investment bank Goldman Sachs bought the shares and a financial source said it was in the process of placing them with institutional investors around the world.
DaimlerChrysler, the world's fifth biggest carmaker, said that exiting the Mitsubishi Motors investment, which it once saw as a pillar of its strategy of building a global car empire, would boost 2005 financial income by about €500m.
It paid €2.4 billion for the shares five years ago but had to swallow mounting losses amid a scandal over defect cover ups that hit Mitsubishi Motors brand name and balance sheet. Daimler took a hit of €665m last year from its involvement in MMC.
