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…

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