German magazine WirtschaftsWoche, whose name is neither more nor less ridiculous than any other German magazine we quote, is reporting that DaimlerChrysler is abandoning its majority stake in Setareh, the exclusive distributor of Mercedes-Benz products in Iran. The magazine sites a source who says increased pressure from the US on companies doing business in Iran is the main reason for the move. The DCX pullout contrasts sharply with a business-exchange plan proposed by the Bush Administration to flood the country with Humvees.
DaimlerChrysler to exit Iran [CNNMoney.com]
Related:
The Jalopnik Morning Shift [internal]