DaimlerChrysler, parent company of Freightliner, is buying AB Volvo's 3.3 percent stake in Mitsubishi Motors, paving the way for DaimlerChrysler and Mitsubishi to work together on producing commercial vehicles.

The $297 million deal includes not only the shares, but all contractual agreements and the rights to the planning and development of new light truck products. DaimlerChrysler already owns 34 percent of Mitsubishi. The deal will give it a 37.3 percent stake, and will allow a more direct working relationship with Mitsubishi Motors' commercial vehicle operations. This was not previously possible because of Volvo's agreement with Mitsubishi to develop trucks and buses together.
The agreement gives DaimlerChrysler a better foothold in Japan and Asian markets, a sought-after goal.
"The cooperation with Mitsubishi's Truck & Bus Division will further consolidate our position as the world's leading manufacturer of commercial vehicles," said Eckhard Cordes, responsible for DaimlerChrysler's Commercial Vehicles Division.
The vehicles produced by the deal will likely be for Asian and European markets.