Updated:
1/11/2011 11:15:00 AM
Daimler AG boosted its stake in Mitsubishi Fuso Truck Bus Corp. by about $360 million, to benefit from a recovery in global demand for commercial vehicles, Bloomberg reported Tuesday.
Germany-based Daimler increased its holding in Kawasaki, Japan-based Mitsubishi Fuso to 89.29%, from 85%, the two companies said.
Mitsubishi, whose stake dropped to 10.71%, will remain a “strong� business partner in Japan and internationally, Bloomberg reported, citing Daimler.
Daimler is the parent company of Daimler Trucks North America, which makes Freightliner and Western Star brand trucks.
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