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Nissan to take 34% stake in Mitsubishi Motors | |
(about 2 hours later) | |
Nissan will take a 34% stake in Mitsubishi Motors in the wake of a scandal over fuel efficiency figures. | |
Mitsubishi Motors shares were suspended for most of Thursday but closed up 16.6%. | |
Carlos Ghosn, Nissan chief executive, said that Nissan will take the third in its rival to become the largest shareholder. | |
In the wake of the scandal, Mitsubishi Motors had seen its shares fall by more than 40%. | |
In April, Mitsubishi admitted it had used fuel consumption tests that broke Japanese rules for the past 25 years. | |
'Nothing decided' | 'Nothing decided' |
The rigged testing meant that the cars were advertised as being more fuel-efficient than they actually were. | The rigged testing meant that the cars were advertised as being more fuel-efficient than they actually were. |
The inaccurate tests were in fact flagged up by Nissan's in-house testing on several models produced by Mitsubishi for its fellow Japanese carmaker. | The inaccurate tests were in fact flagged up by Nissan's in-house testing on several models produced by Mitsubishi for its fellow Japanese carmaker. |
"Nissan and Mitsubishi are discussing various matters including capital co-operation, but nothing has been decided," the two companies explained in separate statements on Thursday. | "Nissan and Mitsubishi are discussing various matters including capital co-operation, but nothing has been decided," the two companies explained in separate statements on Thursday. |
They said their boards of directors were to meet in separate talks on Thursday to discuss the matter. | They said their boards of directors were to meet in separate talks on Thursday to discuss the matter. |