Mitsubishi Motors was DaimlerChrysler's third choice partner, but in 1999 MMC chairman Katsuhiko Kawasoe rebuffed their initial approach. However, in the aftermath of the 1997 East Asian financial crisis MMC was saddled with ¥1.7 trillion of debt, and some outside analysts were suggesting that the company should give priority to becoming a takeover or merger target. Kawasoe rejected this, preferring to present Mitsubishi as an equal partner to potential suitors, adding that Mitsubishi would continue to follow their longstanding approach of establishing ventures without capital tie-ups. But eventually a deal was struck: DCX would purchase a controlling 34 percent stake in the company for ¥450 billion (€2.1 billion). This would ostensibly preserve Mitsubishi's "independence", as only three out of the company's ten board members would be elected by the new largest shareholder, although DaimlerChrysler did now possess a veto power over boardroom decisions. For DCX, the benefit would come from increased market share without MMC's debts appearing on their balance sheet.