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EU Approves RWE, DaimlerChrysler Joint Venture

August 25, 2003 by Jeff Shepard

The European Union (EU) antitrust authorities have approved a joint venture between units of RWE AG (Germany) and DaimlerChrysler AG (Auburn Hills, MI). RWE Fuel Cells GmbH (Germany) will hold a 25.1% stake in the new company, with the remaining 74.9% owned by DaimlerChrysler.

The joint venture, MTU CFC Solutions GmbH, will develop, produce and distribute fuel cells to a broad European market. MTU will bring its technological knowledge while RWE will put forward its market knowledge and distribution network to the venture. DaimlerChrysler is using its unit MTU Fiedrichshafen subsidiary to close the deal. MTU produces diesel engines and drive systems for ships, railway locomotives and heavy vehicles.