The Mitsubishi group is seeking Japanese and foreign private equity funds to help rescue the ailing Mitsubishi Motors company, Reuters reported, citing the Financial Times.

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The report said the group plans to sell 100 billion yen’s ($US911.4 million) worth of preference shares issued by Mitsubishi Motors to corporate rehabilitation firms and is sealing the terms with Japanese private equity firm Phoenix Capital.


Last Friday DaimlerChrysler said it will not provide any new funds for its partner Mitsubishi Motors and said it may sell its stake in the carmaker, Reuters noted.

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