May 11, 2016 / 11:52 PM / in 2 years

Nissan, Mitsubishi Motors confirm talks over capital tie-up

TOKYO (Reuters) - Nissan Motor Co (7201.T) and Mitsubishi Motors Corp (7211.T) confirmed on Thursday they were discussing a possible capital tie-up, after reports that the former was looking to take a roughly one-third stake in its scandal-hit rival.

Employees work at the main assembly line of V6 engine at the Nissan Iwaki Plant in Iwaki city, Fukushima prefecture, Japan, April 5, 2016. REUTERS/Yuya Shino

“Nissan and Mitsubishi are discussing various matters including capital cooperation, but nothing has been decided,” the two Japanese automakers said in separate statements. They added that their boards of directors were meeting in separate meetings on Thursday to discuss the matter.

Nissan is in advanced talks to take about a one-third stake in Mitsubishi Motors with a 200 billion yen ($1.85 billion) investment, as Mitsubishi struggles with a fuel-economy data scandal, two people familiar with the matter said.

Reporting by Chang-Ran Kim; Editing by Stephen Coates

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