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Nissan buys $2.2 Billion stake in Mitsubishi Motors

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Reports of Nissan considering purchase of Mitsubishi shares came in earlier today. In a swift turn of events, it has been confirmed that Nissan has indeed bought shares from Mitsubishi, taking a 34% stake of the automaker valued at $2.2 billion.

Nissan will effectively become the single largest shareholder of Mitsubishi Motors. At a joint press conference, Carlos Ghosn, chief executive of Nissan and Renault, had this to say. "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. We will be the largest shareholder of MMC, respecting their brand, their history and boosting their growth prospects. We will support MMC as they address their challenges and welcome them as the newest member of our enlarged Alliance family."
posted in Auto/Motoring by Lucille Conde   Jun 20,2016 01:37 am
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