Mitsubishi group consolidates control of Mitsubishi Motors

In a two-day process that finished today, Mitsubishi Motors Corp. (MMC) moved to consolidate control in the hands of the Mitsubishi group of companies. Prior to the restructuring, MMC listed 10 major shareholders, the majority of whom were investment banks.

Following the various transactions, which saw J.P. Morgan Securities briefly hold 11.35 percent ownership in MMC, the only major shareholders remaining are members of the Mitsubishi group: Mitsubishi Heavy Industries, Mitsubishi Corporation, and The Bank of Tokyo-Mitsubishi. As part of the company's "Revitalization Plan," the Mitsubishi group plan to increase their stake in MMC to a combined 34 percent by the end of December.

DaimlerChrysler, previously a major shareholder in MMC, sold its stake in November 2005.

[Source: Mitsubishi Motors]