Report: Nissan in talks for possible takeover of Mitsubishi Motors

[Monseratto]

Nissan Montero anyone?

http://www.autoindustriya.com/auto-i...hi-motors.html

Text: Brent Co | posted May 12, 2016 09:39

Nissan planning to acquire controlling stake in Mitsubishi amidst fuel scandal

Nissan Motor Company is reportedly investing 200 billion yen ($1.84 billion) to acquire a 34% controlling stake in embattled Mitsubishi Motors Corporation (MMC), the latter having been rocked by a scandal involving falsified fuel-economy ratings.

The talks between the two automakers are now in the final stages according to Japanese broadcast network NHK through an insider who wished anonymity.

Last month, Mitsubishi Motors admitted that its employees manipulated fuel economy data in four mini-car models. Company president and COO Tetsuro Aikawa personally led the company to apologize for the wrongdoing and promised to conduct further investigation into the matter.

In a press briefing Wednesday at the Japanese Transport Ministry, Chairman Osamu Masuko nine more models may be affected by the fuel-economy issue, including the RVR crossover. But they will still conduct proper tests to further conclude results. Masuko reassured that models sold overseas are properly tested and expects no impact on overseas sales.

As promised, Mitsubishi Motors has established a third-party panel to investigate the false fuel-economy labeling. They are expected to take three months to complete their findings. The committee is composed of three lawyers, including a former member of the Tokyo High Prosecutors Office.

Mitsubishi Motors will be compensating affected customers for the fuel cost difference in affected mini-car models. It will only cover owners of the four initial models in question, however. This was revealed by Aikawa on Wednesday.

Vehicle sales and its share prices have since plunged after news of the scandal broke out three weeks ago. Masuko stated that Mitsubishi Motors plans to solve the crisis on its own. It has not sought support from other Mitsubishi group of companies. The chairman of the company said they should be able to handle compensation with their own resources.

[CVT]

Nissan Montero anyone?

http://www.autoindustriya.com/auto-i...hi-motors.html

Mr. Bean is behind all of this....






"The measure of a man is what he does with power" LJIOHF!

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[Monseratto]

Many are now dreaming of a bastard of a Lancer Evolution and a Nissan GTR...hehehe.

[papi smith]

[COLOR="#008080"]

Mr. Bean is behind all of this....

Hehe, may hawig nga si Pareng Caloy

[vinj]

Patrol Sport and Lancer Evolution GTR FTW. :D

[Egan101]

Many are now dreaming of a bastard of a Lancer Evolution and a Nissan GTR...hehehe.

Why not? An all-wheel-drive sedan with the GT-R engine! If Audi can make wonders with the insane RS4 and RS6 with its high output turbo engines and AWD system, maybe Nissan can break barriers and come up with something like it.

[111prez]

Introducing, the new Nismit Navatero

[Monseratto]

So Nissan now have management control of Mitsubishi... Paano yung mga Mitsubishi outside of Japan?

Nissan and Mitsubishi Confirm $2 Billion Deal
VOA News
May 12, 2016 5:17 AM

Nissan Motor Co. agreed on Thursday to take a 34 percent stake in Mitsubishi Motors Corp. as the company attempts to recover from a fuel economy scandal.

Leaders of the two automakers appeared at a last-minute press conference Thursday in Yokohama, Japan – home of the Nissan headquarters – to announce what Nissan CEO Carlos Ghosn called a “win-win” deal.

“This will be a dynamic cooperation between two major Japanese car manufacturers, enabling us to harness the respective capabilities of our companies,” he said. “At Nissan we are determined to preserve and nurture the Mitsubishi motors brand, and we will help this company address the challenges it faces – particularly in restoring consumer trust in its fuel economy performance.”

Mitsubishi already manufactures minicar models for Nissan that are an important part of its Japanese sales. Acquiring a major stake in Mitsubishi will also give Nissan more exposure to Thailand and other Southeast Asian countries.

According to Ghosn, Nissan will invest $2.2 billion into the company, making it Mitsubishi’s largest investor.

Last month, Mitsubishi admitted that several of its employees fudged the numbers on its fuel economy data, making several models appear to get better gas mileage than they actually do. Some of the cars that had their data manipulated showed fuel economy that was about 15 percent better than in reality.

The companies expect to complete the agreement by May 25.

Mitsubishi, the world's sixth-largest automaker has about half of its market value since news of the fuel-rigging scandal broke.

The company is no stranger to scandal, nearly going out of business after admitting back in 2000 that it covered up major safety defects for several decades.

Mitsubishi is the second carmaker accused of falsifying environmental data in the 12 months. Germany's Volkswagen admitted late last year that it installed software on millions of its vehicles that activated bogus emissions controls to deceive testing officials.

Nissan and Mitsubishi Confirm $2 Billion Deal

[Monseratto]

I wonder if Nissan will continue devoloping their medium SUV contender...

Nissan buys $2.2 Billion stake in Mitsubishi Motors
Text: Anton Andres / Photos: Nissan | posted May 12, 2016 16:13


Reports of Nissan considering purchase of Mitsubishi shares came in earlier today. In a swift turn of events, it has been confirmed that Nissan has indeed bought shares from Mitsubishi, taking a 34% stake of the automaker valued at $2.2 billion.

Nissan will effectively become the single largest shareholder of Mitsubishi Motors. At a joint press conference, Carlos Ghosn, chief executive of Nissan and Renault, had this to say. "This is a breakthrough transaction and a win-win for both Nissan and Mitsubishi Motors. It creates a dynamic new force in the automotive industry that will cooperate intensively, and generate sizeable synergies. We will be the largest shareholder of MMC, respecting their brand, their history and boosting their growth prospects. We will support MMC as they address their challenges and welcome them as the newest member of our enlarged Alliance family."

The alliance sees Nissan and Mitsubishi Motors cooperating in areas including purchasing, common vehicle platforms, technology-sharing, joint plant utilization and growth markets.

Mitsubishi was recently rocked by a scandal which involved the overstatement of their home market vehicles emissions and fuel economy. It was Nissan employees who took note of the fuel economy discrepancy when the brand's engineers tested the Nissan Dayz, which is a rebadged version of Mitsubishi's eK wagon.

In addition, Mitsubishi issued a public apology that the company has been overstating fuel economy figures since 1991 at the break of the scandal. At the time of writing, nine Japanese Domestic Market models have been affected since the announcement. Mitsubishi adds that no overseas models have been affected.

"It will not be easy to restore trust. With Nissan, we will start moving towards that goal," said Osamu Masuko, chief executive of Mitsubishi Motors. Masuko adds, "Through its long history of successful partnerships Nissan Motor has developed a deep knowledge of maximizing the benefits from alliance partnerships. This agreement will create long term value needed for our two companies to progress towards the future. We will achieve long term value through deepening our strategic partnership including sharing resources such as development, as well as joint procurement."

The transaction is subject to the signing of a definitive Alliance Agreement, expected by the end of May, 2016, the signing of a shareholders agreement with the current Mitsubishi Group shareholders of MMC and regulatory approvals. In addition, MMC will propose Nissan nominees as board directors in proportion to Nissan’s voting rights, including a Nissan nominee to become Chairman of the Board.

The deal is expected to be completed by the end of the year.

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[chronicle]

I think they will he synonymous to how hyundai and kia work.

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Mitsu and nissan can compliment each other here. Given mitsus foothold here and how nissan is striving to gain again philippine market share. I say win win ito.

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