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Business

Nissan to take 30% stake in Mitsubishi Motors

TOKYO -- Nissan Motor plans to spend roughly 200 billion yen ($1.84 billion) to buy an over 30% interest in Mitsubishi Motors, hoping to help the embattled carmaker turn itself around in the wake of a fuel-economy scandal.

The Japanese automakers, currently in the final stages of negotiations, are expected to hold board meetings Thursday to decide on the capital tie-up. Mitsubishi Motors is likely to issue new shares to Nissan through a private placement. If the deal goes through, Nissan would become the top shareholder, surpassing Mitsubishi Heavy Industries, which has a roughly 20% stake.

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