Mitsubishi Corp. Confirms Plan to Hike Its Stake in MMC

Trading house Mitsubishi Corp. says it will double its stake in Mitsubishi Motors to 20% by buying a portion of shares held by two other members of the Mitsubishi Group: Mitsubishi Heavy Industries and Bank of Tokyo-Mitsubishi UFJ.

Mitsubishi Corp.’s tender offer begins today and will end on March 20. All parties have expressed support for the deal, which was first reported by The Nikkei on Monday.

Japan Times says the plan will lower the stakes in MMC held by Mitsubishi Heavy and Bank of Tokyo to about 1% each from 8.3% and 3.3%, respectively.​​​​​