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Mitsubishi shares up on Nissan deal Nissan shares up on Mitsubishi deal
(about 1 hour later)
Shares in Japanese carmakers Mitsubishi Motors and Nissan both rose by more than 6% on Friday, one day after the two concluded a tie-up. Shares in Japanese carmaker Nissan rose by 5% on Friday after the company clinched a deal to take a major stake in embattled rival Mitsubishi.
Nissan will take a 34% stake in Mitsubishi Motors, in the wake of the latter's recent scandal over fuel efficiency. The company is to take a 34% stake in Mitsubishi Motors, in the wake of the latter's recent scandal over fuel efficiency.
The all-share deal is worth 237bn yen ($2.2bn; £1.52bn). Mitsubishi Motors shares were down, though, losing more than 3% in early trade.
Japan's Nikkei 225 traded higher by 0.3% at 16,694.31 points. Japan's Nikkei 225 fell 0.9% to 16,502.08 points.
At the same time, shares in embattled electronics giant Sharp rose by 2.3% despite the company reporting huge losses on Thursday. At the same time, shares in embattled electronics giant Sharp rose by 3.8%, despite the company reporting huge losses on Thursday.
The struggling firm announced an operating loss of 162bn yen ($1.5bn) for the fiscal year ending March 2016.The struggling firm announced an operating loss of 162bn yen ($1.5bn) for the fiscal year ending March 2016.
In March, Sharp accepted a takeover bid by Taiwan's Foxconn which will take effect in October.In March, Sharp accepted a takeover bid by Taiwan's Foxconn which will take effect in October.
In South Korea, the benchmark Kospi index was flat at 1,979.54. In China, the mainland Shanghai Composite traded flat at 2,834.81, while the Hang Seng in Hong Kong was down 0.3% at 19,856.35 points.
The ASX/200 in Australia also remained flat at 5,366.80 points. In South Korea, the benchmark Kospi index fell 0.5% to 1,968.08.
The ASX/200 in Australia was also down, 0.4% lower at 5,336.60 points.