February 19, 2018 / 10:25 PM / a month ago

Japan's Mitsubishi Corp to up Mitsubishi Motors stake to 20 pct -Nikkei

Feb 20 (Reuters) - Trading house Mitsubishi Corp plans to about double its interest in Mitsubishi Motors to around 20 percent, Nikkei reported on Tuesday.

Mitsubishi Corp, which held a 9.2 percent interest in Mitsubishi Motors as of last September, will spend about 120 billion yen ($1.13 billion) to buy additional shares through a tender offer, Nikkei reported.

Mitsubishi Heavy Industries and Bank of Tokyo-Mitsubishi UFJ are also expected to participate in the tender offer.

Earlier this month, Nikkei had reported that sister company Mitsubishi Heavy Industries had decided to sell most of its 10 percent stake in Mitsubishi Motors, with Mitsubishi Corp slated as the likely buyer. ($1 = 106.6000 yen) (Reporting by Ambar Warrick in Bengaluru, editing by G Crosse)

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