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APRIL 24, 2004

DaimlerChrysler takes another hit as Mitsubishi deal is axed

DaimlerChrysler had decided to withdraw its financial aid for Mitsubishi Motor to avoid making further losses. The announcement is another blow to Jurgen Schrempp's management of the Stuttgart firm. It is hoped that Mitsubishi will be able to survive and it may be that the Mitsubishi group will now be forced to buy DaimlerChrysler's 37 per cent stake in the ailing car maker in order to protect its brand.