According to Japan's national public broadcasting organization, NHK, Nissan could buy a 34-percent stake in the scandal plagued automaker in return for $1.8 billion dollars. The move would make Nissan Mitsubishi Motors' largest shareholder and would effectively give Nissan control over the company.
Little else is known about the deal but Nikkei reports Mitsubishi will likely issue new shares to sell to Nissan. The report goes on to say Mitsubishi will hold an emergency board meeting on Thursday to decide on the proposed deal.
The decision seems like a no-brainer as Mitsubishi could benefit from a large automotive partner such as Nissan. The two companies already have a minicar partnership but that is being tested by Mitsubishi's fuel-economy cheating scandal which has affected two Nissan models.
In the past, Renault-Nissan and Mitsubishi have explored several other projects including two Renault-sourced sedans and an electric vehicle. Those talks eventually fell through but reports suggested Mitsubishi continued to pursue a partnership with Nissan.