Isuzu Motors Ltd. is getting a cash infusion from two Japanese companies, and is also asking existing shareholder General Motors to increase its stake.
Conglomerate Mitsubishi Corp. is buying 11.75 million shares of Isuzu's preferred stock from banks. The deal gives Mitsubishi ownership of 0.3 percent of Isuzu. GM, Isuzu's largest shareholder, owns about 10 percent of the stock.
The preferred stock can be converted to common stock after October 2006. If all the preferred shares were converted, Mitsubishi would become Isuzu's largest shareholder.
The shares have a face value of about $90 million at current exchange rates. But Mitsubishi would not say how much it paid for the stock.
Mitsubishi and Isuzu have a joint venture that sells pickup trucks in Thailand and the Philippines.
Isuzu also said Thursday that Itochu Corp., a Japanese trading house, was buying preferred shares valued at about $67 million.
And in discussing Isuzu's first half fiscal year financial results, President Yoshinori Ida said the automaker has asked GM to increase its investment. Ida said GM was considering the request.
Mitsubishi Corp. is one of several Japanese companies investing in Mitsubishi Motors Corp. in that automaker's bid for revival. Mitsubishi Motors has been hard hit by a scandal where executives admitted to hiding product defects and recalls for several years.
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