Mitsubishi shares up on Nissan deal

Jessica TranterLast Update : Friday 13 May 2016 - 3:48 AM
Mitsubishi shares up on Nissan deal

Mitsubishi shares up on Nissan deal

Mitsubishi logoImage copyright Getty Images

Shares in Japanese carmakers Mitsubishi Motors and Nissan both rose by more than 6% on Friday, one day after the two concluded a tie-up.

Nissan will take a 34% stake in Mitsubishi Motors, in the wake of the latter’s recent scandal over fuel efficiency.

The all-share deal is worth 237bn yen ($2.2bn; £1.52bn).

Japan’s Nikkei 225 traded higher by 0.3% at 16,694.31 points.

At the same time, shares in embattled electronics giant Sharp rose by 2.3% despite the company reporting huge losses on Thursday.

The struggling firm announced an operating loss of 162bn yen ($1.5bn) for the fiscal year ending March 2016.

In March, Sharp accepted a takeover bid by Taiwan’s Foxconn which will take effect in October.

In South Korea, the benchmark Kospi index was flat at 1,979.54.

The ASX/200 in Australia also remained flat at 5,366.80 points.

Source: BBC Business

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2016-05-13 2016-05-13
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Jessica Tranter