Deutsche Bank to sell DaimlerChrysler stake

DEUTSCHE BANK, the biggest shareholder in the DaimlerChrysler empire with 12% of the company, says it is going to sell its shares in the German-US car company but this will not happen until the share price improves. Deutsche Bank chief executive Rolf Breuer confirmed on Saturday that the bank is pushing ahead with a policy of divesting itself of all industrial stock. He added that the sale has nothing to do with the company's current problems and said that Deutsche Bank fully supports the current management.

Breuer also said that he supported the Daimler-Benz takeover of Chrysler, arguing that it makes sense in the highly competitive car markets.

The decision to sell industrial shareholdings comes as a result of tax breaks which will be available in 2002 which will mean it will be much easier and cheaper for German companies to divest themselves of shareholdings in other firms.

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