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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Corporation    8058   JP3898400001

MITSUBISHI CORPORATION

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Nissan explores possible sale of 34% stake in Mitsubishi Motors - Bloomberg

11/16/2020 | 05:32am EST
FILE PHOTO: Mitsubishi Mi-Tech concept car is seen in Tokyo Motor Show in Tokyo

TOKYO (Reuters) - Nissan Motor is looking to sell some or all of its 34% stake in Mitsubishi Motors, Bloomberg News reported on Monday, citing unidentified sources, a move that would reshape a three-way alliance that includes France's Renault.

Nissan shares rose 5% on the news. Mitsubishi Motors was up 3%.

"There are no plans to change the capital structure with Mitsubishi," a Nissan company spokeswoman told Reuters in an emailed statement. A Mitsubishi Motors spokesman said the same, adding the company would continue to collaborate within the alliance.

Renault did not immediately respond to an email seeking comment.

Nissan, struggling to recover from the pandemic-induced downturn, could sell its stake to a Mitsubishi group company such as Mitsubishi Corp, which already owns a fifth of Mitsubishi Motors, Bloomberg said.

Such a deal would fundamentally alter a three-way partnership built by Carlos Ghosn, former chairman of the alliance, which plunged into confusion when he was arrested in 2018 on charges of financial misconduct.

Ghosn had wanted a full merger of Renault and Nissan, which was shelved, according to Reuters sources, as the companies decided to fix the troubled alliance. The pandemic has, however, compounded problems and made a recovery hard.

Nissan, which is 43% owned by Renault, last week cut its operating loss forecast for the year to March by 28%, helped by a rebound in demand, especially in China. Mitsubishi Motors, Japan's No.6 automaker, expects to post an operating loss of 140 billion yen for the business year.

Both companies are cutting production levels and costs in a bid to return to profitability. (This story corrects lead paragraph to add dropped word "of")

(Reporting by Tim Kelly; Editing by Himani Sarkar and Sam Holmes)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
MITSUBISHI CORPORATION -0.46% 2683.5 End-of-day quote.5.61%
MITSUBISHI MOTORS CORPORATION -1.66% 237 End-of-day quote.9.22%
NISSAN MOTOR CO., LTD. -2.10% 555.6 End-of-day quote.-0.79%
RENAULT -2.35% 34.42 Real-time Quote.-3.75%
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Financials
Sales 2021 11 743 B 113 B 113 B
Net income 2021 222 B 2 142 M 2 142 M
Net Debt 2021 4 650 B 44 801 M 44 801 M
P/E ratio 2021 17,9x
Yield 2021 4,99%
Capitalization 3 961 B 38 159 M 38 156 M
EV / Sales 2021 0,73x
EV / Sales 2022 0,65x
Nbr of Employees 77 164
Free-Float 95,0%
Chart MITSUBISHI CORPORATION
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Technical analysis trends MITSUBISHI CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 2 840,00 JPY
Last Close Price 2 683,50 JPY
Spread / Highest target 24,8%
Spread / Average Target 5,83%
Spread / Lowest Target -6,84%
EPS Revisions
Managers and Directors
NameTitle
Takehiko Kakiuchi President & Representative Director
Ken Kobayashi Chairman
Kazuyuki Masu CFO, Representative Director & Head-Corporate
Akira Murakoshi Director, Chief Digital Officer & Head-Personnel
Akihiko Nishiyama Independent Outside Director
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