UPDATE 1-Daimler stock jumps after Mitsubishi exit


(Adds broker, analyst comment, pre-market price; previous LONDON)

FRANKFURT, April 23 (Reuters) - Shares in DaimlerChrysler jumped over three percent in early pre-bourse trading on Friday after the German group pulled the plug on struggling Mitsubishi Motors and said it would try to sell its 37 percent stake.

DaimlerChrysler shares traded 5.6 percent higher at 38.10 euros on the Instinet electronic trading platform after the carmaker said late on Thursday it would provide no further financial support to Mitsubishi Motors.

"The exit at Mitsubishi is definitively positive. They would have had to inject an enormous amount of money if they took part in the capital increase," said one Frankfurt trader.

DaimlerChrysler's decision, which took even Mitsubishi Motors by surprise, left its strategy to become a global car maker in disarray and threw the future of the money-losing Japanese firm into doubt.

DaimlerChrysler said on Thursday it would not participate in a rescue capital increase planned by Mitsubishi Motors because it could not agree on an acceptable deal with other shareholders in the Mitsubishi group.

Analysts said in quitting Mitsubishi, it looked as if board members had finally rebelled against Chief Executive Juergen Schrempp.

"It looks like some members of the management or supervisory board eventually decided to stop throwing good money after bad," said Heino Ruland, auto analyst at Frankfurt brokerage firm Steubing AG.

Ruland expected a sale of the Mitsubishi stake to result in a book loss of roughly one billion euros ($1.2 billion). This could be reduced to just 600 million euros, though, through the potential sale of DaimlerChrysler's 10 percent holding in Hyundai Motor co Ltd .

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