Mitsubishi Corp considers raising stake in M'bishi Motors in tender offer
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[TOKYO] Trading house Mitsubishi Corp said on Tuesday it was considering raising its stake in Mitsubishi Motors via a tender offer, a deal that the Nikkei newspaper reported could be worth about US$1.1 billion.
Mitsubishi Corp said in a statement it was considering buying shares in the carmaker held by Mitsubishi Heavy Industries Ltd and Bank of Tokyo-Mitsubishi UFJ, a core unit of Mitsubishi UFJ Financial Group Inc, although no decision had been made.
The Nikkei reported earlier the firm planned to double its interest in Mitsubishi Motors to around 20 per cent by spending about 120 billion yen (S$1.45 billion) for additional shares through a tender offer.
Mitsubishi Corp held a 9.2 per cent interest in Mitsubishi Motors as of last September.
Mitsubishi Motors and Mitsubishi UFJ Financial Group Inc declined to comment. A Mitsubishi Heavy spokewsoman said the firm was considering what to do with its stake in the carmaker but that nothing had been decided.
Earlier this month, Nikkei had reported that sister company Mitsubishi Heavy Industries had decided to sell most of its 10 per cent stake in Mitsubishi Motors, with Mitsubishi Corp slated as the likely buyer.
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REUTERS
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