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Nissan now controls Mitsubishi Motors

Carmagazine.com photo by E. Brown    

After investing $2.2 billion to take a 34 percent ownership, Nissan is now Mitsubishi Motor's top stake-holder and in control of the Japanese carmaker's future. Nissan Chief Carlos Ghosn appeared with Mitsubishi Motors Chairman Osamu Masuko at a hastily called joint news conference last week in Yokohama, Japan, to make the announcement. Under the deal, Nissan becomes the top investor in Mitsubishi Motors. Mitsubishi group companies Mitsubishi Heavy Industries, trading company Mitsubishi Corp. and the Bank of Tokyo-Mitsubishi UFJ will continue to hold stakes in the automaker, but they have agreed to support the alliance with Nissan, both sides said. Mitsubishi Motors has been rattled recently by a scandal over cheating to inflate mileage for minicar models. Reporters peppered Ghosn with questions about whether he was worried the scandal may grow. "This is a breakthrough transaction and a win-win for both Nissan and Mitsubishi Motors. It creates a dynamic new force in the automotive industry that will cooperate intensively and generate sizeable synergies," said Ghosn, the Brazilian-born Frenchman who engineered Nissan's alliance with Renault, which began in 1999.


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