Maybach Family To Sell MTU Shares To DCX
Posted on September 8, 2005DaimlerChrysler’s intentions to sell diesel engine manufacturer MTU Friedrichshafen appear to have gotten a significant boost, as Reuters has reported that the founding Maybach family has offered to sell its 7.2% stake in MTU to DaimlerChrysler for an undisclosed amount. DaimlerChrysler, which owns 88% of MTU, wants to divest itself of the company, but could not do so without the approval of two families that also held stakes in MTU. Along with the Maybachs, the Brandenstein-Zeppelin family owns approximately 4.8%.
The three owners have publicly clashed over the planned divestment, with DaimlerChrysler opposing the families' plan to sell their shares to U.S. private equity firm Carlyle. The dispute has since moved to the courts.
According to Reuters, German truckmaker MAN had previously offered €1.1 billion ($1.4 billion) for the whole of MTU Friedrichshafen before talks broke down earlier this year. A source told Reuters that the Maybach family planned to sell its share of MTU to DaimlerChrysler for significantly more than the €80 million that would correspond to such a valuation.