Nissan is close to taking over struggling Mitsubishi.
Japan’s number two manufacturer is reportedly set to buy a stake in Mitsubishi for 200bn yen (AUD$2.4bn).
The shareholding would mean Nissan controlling roughly a third of the embattled Mitsubishi, which is already struggling as its share price continues to plummet.
Mitsubishi’s admission that it had manipulated fuel economy figures on some vehicles – including a mini car that Nissan rebadged and sold in Japan – has seen its value dive in recent weeks.
The deal would see Nissan’s holding close to tipping it into control Mitsubishi. Combine that with Nissan partner Renault’s 15% stake and it could drastically alter Japan’s automotive landscape.
Under Japanese corporate law a shareholding of a third could see Nissan governing Mitsubishi Motors.
Reuters reports that sources have said both Mitsubishi and Nissan boards have scheduled meetings on Thursday (local time) to discuss the matter.
Mitsubishi had just admitted that more of its vehicles might have had fuel economy data falsified, and stated that it had enough cash in reserve to weather the scandal, which has already carved close to AUD$4bn from its value.
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