Nissan Set To Take over Mitsubishi

According to reports, Japanese Automaker Nissan is set to take over 34% stake in rival Mitsubishi Motors. The deal which is worth $2.2bn said to be in its final stage of negotiations if concluded, would make Nissan the largest and controlling shareholder of Mitsubishi Motors. This is coming in the wake of the Mitsubishi recent scandal over fuel efficiency that is slowly leaking beyond Japan's borders. 

The chief executive of Nissan,Carlos Ghosn, has called the deal "a breakthrough transaction and a win-win" for both companies.
Mr Ghosn said: "We will support Mitsubishi Motors as they address their challenges and welcome them as the newest member of our enlarged alliance family."

Nissan's Alliance family is built around a 17-year cross shareholding agreement with French carmaker Renault in which it has a 43% stake. Nissan has also previously acquired stakes or signed partnerships with other carmakers including Daimler.Together, they will build about 9.5 million cars a year - putting them on a par with the giants of the industry, such as Toyota and General Motors.