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Nissan takes 34% stake in scandal-hit Mitsubishi Motors

Mitsubishi Motors has been recently rocked by a scandal over cheating on mileage tests to inflate mileage for minicar models.

Nissan Motor's Chief Executive Carlos Ghosn (L) shakes hands with Mitsubishi Motors Corp.'s President Osamu Masuko at the end of their joint news conference in Tokyo December 14, 2010. REUTERS/Toru Hanai/File Photo TPX IMAGES OF THE DAY Nissan Motor’s Chief Executive Carlos Ghosn (L) shakes hands with Mitsubishi Motors Corp.’s President Osamu Masuko at the end of their joint news conference in Tokyo. Reuters/File

Nissan Motor Co. is taking a 34 percent stake in scandal-ridden Mitsubishi Motors Corp. in what Nissan Chief Carlos Ghosn said was “a win-win” deal.

Ghosn appeared with Mitsubishi Motors Chairman Osamu Masuko in a hastily called joint conference Thursday in Yokohama, where Nissan is headquartered.

Ghosn said Nissan will invest 237 billion yen ($2.2 billion) to become the top investor in Mitsubishi Motors.

Masuko said Mitsubishi group companies will continue to hold stakes in the automaker.

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Mitsubishi Motors has been recently rocked by a scandal over cheating on mileage tests to inflate mileage for minicar models.

Masuko apologized for the scandal but welcomed the alliance with Nissan.

Ghosn, who engineered Nissan’s alliance with Renault, said adding Mitsubishi will be a plus in sharing platforms, purchasing and technology.

First published on: 12-05-2016 at 13:30 IST
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