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Daimler agrees to unload remaining Chrysler stake

Daimler AG announced today that it has reached an agreement to unload its remaining 19.9 percent stake in Chrysler LLC. "Daimler's remaining 19.9 percent shareholding in Chrysler will be redeemed, and Daimler will forgive repayment of the loans extended to Chrysler, which were already written off in the 2008 financial statement," Daimler said in a prepared statement. All told, Daimler will write off $700 million as a result of the deal, according to the statement.

Suzuki serves legal notice on Volkswagen

Suzuki serves legal notice on VW It looked a promising alliance, Suzuki and Volkswagen. VW wanted access to Suzuki’s know-how in emerging markets and Suzuki wanted access to VW’s technology, especially its hybrid stuff. But, just like many promising marriages, Suzuki and VW have been handbags at dawn for a while.

McLaren shows off its MP4-12C GT3 racer

McLaren GT, comprised of a partnership between the British company and CRS Racing, has unveiled its new GT3 race car based on the forthcoming MP4-12C sports car. This is the first McLaren built for FIA GT racing since the F1 GTR took to the track before production ended in 1997. "McLaren has racing in its blood, and it was a natural step to take our MP4-12C road car and turn it into the most reliable, efficient and easy-to-drive GT3 car," said Martin Whitmarsh, the McLaren Group's chief executive officer.