Daimler airline stake sale?

June 19, 2001 Posted: 2042 GMT

NEW YORK (CNNfn) -- DaimlerChrysler AG is putting its airline business up for sale, press reports said Tuesday.

The German-U.S. vehicle automaker is seeking a buyer for its minority stake in Debis Air-France, which has a portfolio of more than 220 jets and turbo props. The company, one of the world's five largest airline leasing businesses, is valued at around $5 billion, the interactive version of the Financial Times said.

Daimler, which has retained Goldman Sachs to act as its financial adviser, is looking to focus more on its core automotive operations.

Daimler and its Daimler Aerospace unit own a combined 45 percent of Debis. German banks HVB, Dresdner Bank and Bayerische Landesbank each have a 15 percent stake. DG bank owns the balance, or 10 percent, the FT.com said.

Potential buyers of the stake include WestLB, another German bank, and Morgan Stanley, FT.com said.

DaimlerChrysler was unavailable for comment.

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