Nissan buying 34% stake in Mitsubishi

posted on May 12, 2016

Nissan Motor plans to take a controlling stake in scandal-hit Mitsubishi Motors. Nissan says it will spend 2.2 billion dollars to buy 34-percent of Mitsubishi, becoming its largest shareholder.

The stake is more than the combined holdings of 3 companies within the Mitsubishi group.

Nissan and Mitsubishi say they will compile a partnership plan by May 25th.

The two automakers set up a joint company 5 years ago to develop mini-vehicles. But a scandal erupted at Mitsubishi last month when its officials admitted to overstating the fuel economy of 4 of its models. More than 600,000 vehicles were affected.

source by nhk
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