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A Daimler-Mitsubishi rift?
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September 1, 2000: 5:32 p.m. ET
German-American carmaker reportedly looking to rework $2.1B alliance: report
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NEW YORK (CNNfn) - DaimlerChrysler is attempting to renegotiate its $1.89 billion ( 2.1 billion) alliance with troubled Mitsubishi Motors after the Japanese automobile maker's stock saw its value cut by a third during the last week, according to a published report.
The Financial Times, citing no sources, said DaimlerChrysler Chief Executive Jurgen Schrempp has sent two senior directors to Tokyo for an emergency meeting with Mitsubishi this weekend.
The German-American automobile company on Friday canceled a planned meeting with stock analysts scheduled for next week in Auburn Hills, Mich., fueling rumors that the company was seeking changes in its Mitsubishi relationship.
But a company spokeswoman said the meeting was canceled because of scheduling conflicts, not some pending announcement.
"Several of our key board members have business commitments that have popped up, so just rescheduling for a later date," said Lori McTavish, company spokeswoman.
McTavish declined to comment on the FT report of a possible renegotiation, saying only that, "We said at the beginning of this relationship that we see Mitsubishi as a strong global partner. At this time, we are in the process of gathering information on that partnership and evaluating it."
A massive recall
Mitsubishi has come under fire during the last several days after admitting it hid customer complaints from the government for more than 20 years. Investors have shaved roughly 32 percent off the company's stock price since that time.
Daimler agreed in March to purchase a 34 percent stake in Mitsubishi, but is now looking to reduce the price of that deal, the FT said, quoting officials close to the talks.
The renegotiation efforts come amid growing speculation that Mitsubishi Motors Corp. President Katsuhiko Kawasoe will resign as a result of the cover-up scandal. The Saturday edition of Japan's Yomiuri Shiumbun newspaper said Kawasoe will resign shortly and be replaced by Senior Vice President Takashi Sonobe.
The Japanese carmaker has said it will recall more than 620,000 vehicles related to replace defective faults. 
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