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Business deals

Mitsubishi Corp. to raise Mitsubishi Motors stake to 20%

Trading house and group carmaker seek stronger ties in Asian auto sales

Mitsubishi Motors worked with Mitsubishi Corp. to set up an Indonesian auto plant that began operating last year.

TOKYO -- Trading house Mitsubishi Corp. plans to roughly double its interest in Mitsubishi Motors to around 20%, hoping to strengthen cooperation in such areas as auto sales in Asia outside Japan.

Mitsubishi Corp. held a 9.23% interest in Mitsubishi Motors as of the end of last September. It will spend some 120 billion yen ($1.12 billion) to buy additional shares through a tender offer. An official announcement is expected as early as Tuesday.

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