Nissan chief Ghosn to head Mitsubishi Motors

AFP, TOKYO: Nissan chief Carlos Ghosn will become chairman of Mitsubishi Motors after Japan’s number two automaker announced a major investment in its scandal-hit rival, a report said yesterday.
The reported appointment would make Ghosn the head of three major automakers, including France’s Renault which holds a major stake in Nissan.
Nissan threw Mitsubishi a lifeline in May when it announced plans to buy a one-third stake in the crisis-hit automaker for about $2.2 billion, as the smaller rival wrestled with a mileage-cheating scandal that hammered sales. 
Mitsubishi declined to comment on Wednesday’s report in Japan’s leading Nikkei business daily.
Investors cheered news that Ghosn—widely credited with turning around a nearly bankrupt Nissan and overhauling Renault—would take the helm.
Mitsubishi’s Tokyo-listed shares soared more than 10 per cent shortly after the Nikkei report. The stock closed at 522 yen ($5), up 7.85 per cent, while Nissan rose 0.52 per cent to 1,004.5 yen.

Nissan chief Ghosn to head Mitsubishi Motors

AFP, TOKYO: Nissan chief Carlos Ghosn will become chairman of Mitsubishi Motors after Japans number two automaker announced a major investment in its scandal-hit rival, a report said yesterday. The reported appointment would make Ghosn the head of three major automakers, including Frances Renault which holds a major stake in Nissan. Nissan threw Mitsubishi a lifeline in May when it announced plans to buy a one-third stake in the crisis-hit automaker for about $2.2 billion, as the smaller rival wrestled with a mileage-cheating scandal that hammered sales. Mitsubishi declined to comment on Wednesdays report in Japans leading Nikkei business daily. Investors cheered news that Ghosnwidely credited with turning around a nearly bankrupt Nissan and overhauling Renaultwould take the helm. Mitsubishis Tokyo-listed shares soared more than 10 per cent shortly after the Nikkei report. The stock closed at 522 yen ($5), up 7.85 per cent, while Nissan rose 0.52 per cent to 1,004.5 yen.