Wed, May 11, 7:10 PM
- Nissan (OTCPK:NSANY) is looking at taking as much as a 33% stake in Mitsubishi Motors (OTCPK:MMTOF), recently hit by a fuel-economy scandal, Bloomberg reports.
- It would join other suitors, including BAIC Motor, in talks that Japanese media say are further along than preliminary. The companies' boards are expected to meet Thursday.
- A price for such a stake might take into account the possible liability tied to the fuel-economy scandal.
- Mitsubishi is likely to issue new shares and sell those to Nissan in a private placement, Nikkei says.
- OTCPK:MMTOF rose 16.3% in heavy trading on OTC markets today.
- Now read Nissan CEO Wrong About Self-Driving Cars And Ride-Sharing »
Sep. 17, 2013, 10:24 AM
- Electric car-charging company ECOtality (ECTY) has filed for bankruptcy protection, sending its shares plummeting 28.4%.
- Nissan (NSANY.OB) has agreed to provide a term loan of up to $1.25M at interest of 5% a year.
- ECOtality plans to use the money to operate until its assets have been sold in a bankruptcy auction.
- The Chapter 11 filing comes after ECOtality defaulted on a 2015 convertible loan.
- The bankruptcy is likely to stoke controversy given that ECOtality has received $96M of a $115M stimulus grant. (8-K)
Nissan Motor and its subsidiaries are engaged in the manufacture and sale of automobiles.
Sector: Consumer Goods
Industry: Trucks & Other Vehicles
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