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Daimler sees $780 mln windfall from sale of Tesla stake

Reuters - UK Focus

FRANKFURT, Oct 21 (Reuters) - Daimler AG (Xetra: 710000 - news) on Tuesday said it would book a $780 million windfall from selling its 4 percent stake in rival electric car maker Tesla Motors Inc (Xetra: A1CX3T - news) .

In a statement, Daimler Chief Financial Officer Bodo Uebber said, "We are extremely satisfied with the development of our investment in Tesla, but it is not necessary for our partnership and cooperation. For this reason, we have decided to divest of our shares."

The sale of Daimler's stake in Tesla will result in a cash inflow of around $780 million, boosting earnings before interest an taxes by a similar amount for 2014. Proceeds from the stake sale will be used to strengthen Daimler's operational business, the Stuttgart-based automaker said.

A cooperation agreement to supply Mercedes-Benz cars with Tesla battery technology remains is unaffected by the sale, Daimler Chief Executive Dieter Zetsche added.

"Our partnership with Tesla is very successful and will be continued", said Zetsche. (Reporting by Edward Taylor, editing by G Crosse)