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Japan’s financially healthy Nissan, after first
catching Renault’s tossed lifeline back in 1999, now hopes to do the same for its troubled
Mitsubishi compatriot. Late last week Nissan said it will spend Yen237bn (€1.92bn) to buy
506.6 million newly issued shares in Mitsubishi Motors adding up to a controlling 34 per cent
stake. When the deal is fully ratified later this month, Nissan is given licence to nominate both
the chairman of Mitsubishi Motors and a third of its directors
Almost coinciding with the publication of its still healthy looking 2015 fiscal year financial figures,
showing an improved operating profit of €6.4bn for the year ending March 31 this year, accompanied by a notable uplift in its operating margin to 6.5 per
cent and 6.3 per cent for the fourth quarter, Nissan also gave notice of its intention to ride to the rescue of
scandal hit Mitsubishi-Motors.
With strong echoes of the late 1990s, when both Nissan and Mitsubishi-Motors were
struggling to keep their heads above water, today Nissan stands out as a pillar of
strength, while Mitsubishi, in contrast, is once again in trouble.
This time Mitsubishi finds itself in hot water after overstating the fuel efficiency on
some of its domestically sold cars.
Some of these mini-cars (K-Cars) were sold with a Nissan badge in Japan...more
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