TOKYO, Nov 7, 2024 - (JCN Newswire) - Mitsubishi Motors Corporation (hereafter, Mitsubishi Motors) today announced that it has decided to acquire up to 149,028,300 shares (representing 10.02% of the total number of issued shares, excluding treasury shares) from Nissan Motor Co., Ltd. (hereafter, Nissan), reducing Nissan’s current 34.07% stake (506,620,577 shares) in Mitsubishi Motors.

At 8:45 a.m. on November 8, 2024, a consigned purchase order will be placed with the Tokyo Stock Exchange off-auction own share repurchase trading system (ToSTNeT-3) at the price of JPY 460.6 per share, which is the closing price (including final special quote) for today, November 7, 2024 (no changes to other transaction systems or transaction times will be made). The purchase order will be valid at the transaction time specified above.

In light of the recent trend to reduce cross-shareholdings, Mitsubishi Motors has decided to repurchase its own shares from Nissan Motor after considering ways to improve capital efficiency and expand shareholder returns.

Mitsubishi Motors and Nissan will continue their collaborative efforts to drive innovation and deliver exceptional value to their stakeholders. Together, the Alliance companies are actively engaged in high-value creation projects that respond to evolving industry trends.

About Mitsubishi Motors

Mitsubishi Motors Corporation (TSE:7211) — a member of the Alliance with Renault and Nissan — is a global automobile company based in Tokyo, Japan, which has about 28,000 employees and a global footprint with production facilities in Japan and the ASEAN region. Mitsubishi Motors has a competitive edge in SUVs, pickup trucks and plug-in hybrid electric vehicles, and appeals to ambitious drivers willing to challenge convention and embrace innovation. Since the production of our first vehicle more than a century ago, Mitsubishi Motors has been a leader in electrification — launched the i-MiEV, the world’s first mass-produced electric vehicle in 2009, followed by the Outlander PHEV, the world’s first plug-in hybrid electric SUV in 2013. With a target of increasing the sales ratio of electrified vehicles to 100% by 2035, Mitsubishi Motors will deliver models that embody Mitsubishi Motors-ness and contribute to the realization of a carbon-neutral society.For more information on Mitsubishi Motors, please visit the company's website at www.mitsubishi-motors.com/en/.

Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.