(MENAFN) Nissan Motor Co. announced it will purchase a 34 percent controlling stake in scandal-plagued Mitsubishi Motors, as the latest reports have revealed, and it's apparently a huge win for Nissan.
Taking advantage of Mitsubishi's reduced market value following the company's admission of cheating on Japanese fuel economy tests, Nissan's USD2.2bn bulk buy of shares makes it the carmaker's biggest shareholder.
In accordance, the new crucial alliance, projected to be made official on May-25, opens up a number of opportunities for Nissan, which entered into a small-scale partnership with Mitsubishi five years ago.
Nissan, which already has a 17-year strategic partnership with Renault, will see its global footprint expand once again when the deal becomes official. The company holds shares in Daimler and AvtoVaz as well.
"We will be the largest shareholder of MMC, respecting their brand, their history and boosting their growth prospects," said Nissan president and Chief executive officer Carlos Ghosn in a statement.
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