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Nissan has acquired a 34% stake in Japanese rival Mitsubishi for 237 billion Yen (£1.5bn)
As part of the deal, the companies will cooperate in areas including common vehicle platforms, technology sharing and production.
The firms have been working together for the last five years on various project including building a 'Kei car' - a small city car category - for the global market.
The deal is expected to be closed by the end of the year, and is subject to the signing of shareholders agreements with Mitsubishi's board.
Nissan said the acquisition "marks the latest expansion of its Alliance model" which has been built around a partnership with Renault.
"This is a breakthrough transaction and a win-win for both Nissan and Mitsubishi," said Carlos Ghosn, chief executive and president of Nissan. "It creates a dynamic new force in the automotive industry that will cooperate intensively, and generate sizeable synergies."
"We will be the largest shareholder of MMC, respecting their brand, their history and boosting their growth prospects. We will support MMC as they address their challenges and welcome them as the newest member of our enlarged Alliance family," he added.
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