Nissan Motor Co. will invest 237 billion yen ($2.2 billion) to take a controlling 34 percent stake in Mitsubishi Motors.The purchase is poised to vault Nissan past Mitsubishi group companies to become Mitsubishi Motors’ single-largest shareholder.
The companies today said they plan to sign an agreement by May 25 in which Nissan can name four directors to Mitsubishi Motors’ board. A Nissan-appointed director can also be named chairman of Mitsubishi Motors, according to a filing today. The deal will be invalid if not completed within a year.
Nissan is riding to Mitsubishi’s rescue after it called out Mitsubishi for cheating on emissions tests, plunging its close partner into crisis and uncertainty about its very viability.
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