Investment bank Goldman Sachs has reaped profits of $80 million in just 24 hours from its purchase and subsequent sale of DaimlerChrysler's former shares in troubled Japanese auto maker Mitsubishi Motors.
Just a week ago international auto giant DaimlerChrysler sold its 12.42% stake in struggling Mitsubishi to Goldman for a sum believed to be in the region of E500 million. The move brought to an end a tumultuous five year financial association between the western and eastern car makers, who had originally come together to forge a global auto giant but had ultimately been foiled by scandal at Mitsubishi regarding fault vehicle cover-ups.
From the time of the sale it was believed that Goldman Sachs would sell its acquired shares onto various investment entities almost immediately. According to the Financial Times, that has now happened with the investment firm pocketing a quick $80 million in profit from the sales of 548 million Mitsubishi shares.
According to the newspaper’s report, Goldman sold the shares to a range of unnamed international institutional investors. Meanwhile other news sources have commented that the heavy trading in Mitsubishi shares helped to wipe nearly 12% off their value.