Enter multiple symbols separated by commas

DaimlerChrysler Still has Excess Liquidity

DaimlerChrysler still believes it has excess liquidity on hand but has not yet decided what to do with it, a spokesman for the world's fifth-biggest carmaker said on Wednesday.

He was reiterating comments that Chief Financial Officer Bodo Uebber made in May.

"We have this excess liquidity and we have said we will decide what to do with it in the interest of shareholders. That remains the case," the spokesman said.

He was responding to market speculation that the group's provision of a $1.5 billion loan to help finance Cerberus Capital Management's purchase of a majority stake in U.S. arm Chrysler could reduce prospects for a special dividend.

Uebber said in a conference call after first-quarter results that Daimler would reveal by February at the latest what to do with the excess funding but declined to give more details.

DaimlerChrysler shares fell 0.6% but came off session lows after the spokesman's comments, still the leading decliner among German blue chips.

Traders had also cited market talk that U.S. investors were moving out of the stock because it would not be a part-American company after the Chrysler divestment.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Mark Cuban and Donald Trump

    Donald Trump appears to have Mark Cuban's vote, at least in terms of how the billionaire real estate mogul is conducting his political campaign.

  • Ferrari 488 Spider

    Ferrari's new 488 Spider will have a V-8 turbo engine and a retractable hard-top roof that lowers in just 14 seconds.

  • Members of the New Horizons science team react to seeing the spacecraft's last and sharpest image of Pluto before closest approach later in the day at the Johns Hopkins University Applied Physics Laboratory (APL) in Laurel, Maryland July 14, 2015.More than nine years after its launch, a U.S. spacecraft sailed past Pluto on Tuesday, capping a 3 billion mile (4.88 billion km) journey to the solar system's farthest reaches, NASA said.

    The New Horizons Pluto flyby mission set records for NASA's social media and web metrics——but why do we care so much?

U.S. Video