Mitsubishi shares up on Nissan deal
13 May 2016
- From the section Business
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