Nissan takes 34 pct stake in scandal-hit Mitsubishi Motors
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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.
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Masuko said Mitsubishi group companies will continue to hold stakes in the automaker.
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.
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Ghosn, who engineered Nissan's alliance with Renault, said adding Mitsubishi will be a plus in sharing platforms, purchasing and technology.