Thursday, May 12, 2016

Nissan will buy 34 percent of Mitsubishi Motors for $ 2.18 bi

Tokyo, 12 May 2016 (AFP)-the Japanese automaker Nissan automobile will acquire, through a capital increase, 34 percent of Mitsubishi Motors, a company steeped in a fraud scandal, official documents published on Thursday.
In documents submitted to the Financial Services Agency (FSA) and consulted by AFP, Mitsubishi Motors explains that issue for Nissan 506.6 million common shares at a price of 468.52 Yen unit, totaling 237.360 billion yen (2.18 billion dollars).
The action of Mitsusbishi Motors had 495 quote yen on Wednesday, just before the press to disclose the first information about the negotiations between the two groups.
After confirmation, the action recorded high of 16.16% on Thursday, to 575 yen.
The agreement on the participation of the Nissan will be signed until May 25 and the transaction will be effective in October.
With the operation, the Nissan Motor will become the biggest shareholder in Mitsubishi Motors Corporation (MMC), ahead of Mitsubishi Heavy Industries Group, which owns 20% of the shares.
The two groups were already members: Nissan provides sedans to the MMC and MMC manufactures small vehicles for Nissan.
It was just the Nissan who discovered irregularities in the measurement of energy efficiency of vehicles from Mitsubishi Motors.
Mitsubishi Motors admitted on April 20 the manipulation of data in four models, to improve their energy efficiency. Later, the company recognized that uses tests approved in Japan for 25 years.
Since the scandal, Japanese sales of Mitsubishi Motors fell and the action of the company plummeted more than 40%, which creates uncertainty about the future of the group, one of the smaller Japanese automakers, with only one million vehicles sold a year.
AFP - 12/05/16
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