MMC rescue figure exaggerated, committee says - FT


LONDON, April 29 (Reuters) - Mitsubishi Motors needs a cash infusion of only 350 billion yen, half the figure originally envisaged, the Japanese firm's crisis committee has concluded, the Financial Times reported on Thursday.

The newspaper said the committee said the original figure of 700 billion yen ($6.4 billion) Mitsubishi was thought to need to recover was "preposterous," the FT said, without citing sources.

On Friday DaimlerChrysler said it will not provide any new funds for its partner Mitsubishi Motors and said it may sell its stake in the automaker.

The paper said the committee had concluded that assumptions underlying the 700 billion yen sum were inflated, notably figures suggested for new product development.

Neither Mitsubishi Corp nor DaimlerChrysler were immediately available for comment.



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