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Guest Josh

Deutsche Bank cuts DaimlerChrysler stake to 4.4 pe

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Guest Josh
BERLIN -- Deutsche Bank AG said it sold a 2.5 percent stake in DaimlerChrysler AG for 1.1 billion euros ($1.3 billion) on Tuesday, reducing its holding in the automaker to 4.4 percent. Germany's biggest bank said it sold 25 million shares in DaimlerChrysler to institutional investors for 43.20 euros ($50.65) each, reducing its stake from 6.9 percent to 4.4 percent. The bank, which made a pretax profit of more than 300 million euros ($350 million), said the sale was part of its ongoing policy of disposing of its shareholdings in other listed companies. Shares in Deutsche Bank rose 0.2 percent to 82.45 euros ($70.33) on the Frankfurt stock exchange. DaimlerChrysler shares were down 2.3 percent at 43.09 euros ($50.52).

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