Mitsubishi Corp. considers tender offer to hike stake in Mitsubishi Motors

Trading house Mitsubishi Corp. said on Tuesday that it was considering raising its stake in Mitsubishi Motors via a tender offer, a deal that the Nikkei newspaper reported could be worth about $1.1 billion. Mitsubishi Corp. said in a statement it was considering buying shares in the car maker held by Mitsubishi Heavy Industries Ltd. and Bank of Tokyo-Mitsubishi UFJ, a core unit of Mitsubishi UFJ Financial Group, Inc., although no decision had been made.

TOKYO — Trading house Mitsubishi Corp. said on Tuesday it was considering raising its stake in Mitsubishi Motors via a tender offer, a deal that the Nikkei newspaper reported could be worth about $1.1 billion.

Mitsubishi Corp. said in a statement it was considering buying shares in the car maker held by Mitsubishi Heavy Industries Ltd. and Bank of Tokyo-Mitsubishi UFJ, a core unit of Mitsubishi UFJ Financial Group, Inc., although no decision had been made.

The Nikkei reported earlier the firm planned to double its interest in Mitsubishi Motors to around 20% by spending about ¥ 120 billion ($ 1.1 billion) for additional shares through a tender offer.

Mitsubishi Corp. held a 9.2% interest in Mitsubishi Motors as of last September.

Mitsubishi Motors and Mitsubishi UFJ Financial Group, Inc. declined to comment. A Mitsubishi Heavy spokeswoman said the firm was considering what to do with its stake in the car maker but that nothing had been decided.

Earlier this month, Nikkei had reported that sister company Mitsubishi Heavy Industries had decided to sell most of its 10% stake in Mitsubishi Motors, with Mitsubishi Corp. slated as the likely buyer. —