$3.8bn spend on Mitsubishi

DaimlerChrysler AG, the world’s fifth biggest automaker, plans to take control of Mitsubishi Motors Corp., spending as much as 400 billion yen ($3.8 billion) to revive the Japanese car maker.

DaimlerChrysler would pay 150 billion yen as soon as 2006 to raise its holding in the Tokyo-based car maker to a majority from 37% now, said executives at Mitsubishi-group companies who declined to be named. The investment is on top of 250 billion yen DaimlerChrysler agreed to contribute to a bailout with the Mitsubishi group this year, which won’t change its shareholding.