Nissan will purchase 34 percent of Mitsubishi Motors

The builder Japanese automaker Nissan will acquire, through a capital increase, 34% of Mitsubishi Motors, which is immersed in a fraud scandal, according to official documents released Thursday.

In documents submitted to the Financial Services Agency (FSA) and consulted by AFP, Mitsubishi Motors said it will issue for Nissan 506.6 million common shares an a price of 468.52 yen unit, for all out of 237,000 360 billion yen (equivalent to two thousand 180 million dollars, or a thousand 900 million euros).

The action was worth 495 yen Mitsusbishi Motors on Wednesday, just bets that the press gave the first information on the discussions of the two groups.

After confirmation, the action on Thursday gained 16.16% to 575 yen.

The participation agreement which will be signed Nissan Risks May 25, and the transaction will be effective in October.

With this operation, Nissan Motor will become the leader shareholder of Mitsubishi Motors Corporation (MMC), ahead of the group Mitsubishi Heavy Industries, which owns 20% of the shares.

The two groups were already partners: Nissan saloons supplied to MMC and MMC manufactures mini vehicles to Nissan.

Nissan was exactly who discovered the irregularities in the measurement of energy efficiency of vehicles Mitsubishi Motors.

Mitsubishi Motors admitted on April 20 handling this data in four models to improve their energy efficiency. Later, he acknowledged using tests not approved in Japan for 25 years.

Since this scandal came to light, Japanese sales of Mitsubishi Motors fell and action sank more than 40%, creating uncertainty about the future of the group, one of the smaller Japanese manufacturers, with only one million of vehicles sold per year.