Mitsubishi becomes largest shareholder in Toyo

Tokyo – Japanese automotive and technology giant Mitsubishi Corp. has become the largest shareholder in Toyo Tire & Rubber Co. Ltd.

In a 1 Nov statement, Toyo said it had issued new shares to Mitsubishi to raise its stake in the company from 3.05% to 20.00%.

As part of the deal Mitsubishi has acquired more than 26.9 million shares of Toyo’s common stock, for a total value of Yen50.9 billion (€394 million).

The move, said the company, is in response to “intense competition within the tire industry and…

To read more,please login or register below.

Register
This is the first step to more free
content, user offers, subscriptions
and more.
Login
Log in here using the Email Address
and Password you signed up with