Shares in Mitsubishi Motors Corp. (TYO:7211) jumped nearly 20 per cent after the Japanese automaker said it's in talks with PSA Peugeot-Citroen(EPA:UG) about a capital tie-up that could see the French auto maker take a significant stake in Mitsubishi Motors. PSA Peugeot Citroen could spend up to 300 billion yen to buy a 30 to 50 percent stake in Japan's No. 4 automaker. Investors expect deal could help Mitsubishi Motors both develop electric vehicle technology and boost its brand in Europe.
Sydney, Dec 3, 2009 AEST (ABN Newswire) - Most Asian markets delivered modest gains on Thursday as positive US economic data restored confidence in a global economic recovery.
Tokyo stocks today surged significantly in early trade as a weakening yen helped lifting automaker and other exporters. The U.S. dollar rose to the upper 87 yen level in the morning, recovering from a 14-year low in the upper 84 yen range. Seoul shares rose above the 1,600 point psychological level on Thursday, fully recovering losses made since the Dubai debt fears emerged.
Company News
Shares in Mitsubishi Motors Corp. (TYO:7211) jumped nearly 20 per cent after the Japanese automaker said it's in talks with PSA Peugeot-Citroen(EPA:UG) about a capital tie-up that could see the French auto maker take a significant stake in Mitsubishi Motors. PSA Peugeot Citroen could spend up to 300 billion yen to buy a 30 to 50 percent stake in Japan's No. 4 automaker. Investors expect deal could help Mitsubishi Motors both develop electric vehicle technology and boost its brand in Europe.
Samsung Electronics Co. (SEO:005930) plans to invest around 7 trillion won in its semiconductor business next year - 5 trillion won in DRAM and 2 trillion won in NAND flash memory and system LSI, said an industry source. Separately, Samsung Electronics said Thursday that it has filed a suit against Sharp Corp. (TYO:6753) with the U.S. International Trade Commission, alleging that the Japanese firm infringed on Samsung's patent rights for liquid crystal display devices.
Hong Kong's First Pacific Co Ltd (HKG:0142) said on Thursday it bought a 9.2 percent stake in Philex Mining Corp (PSE:PX) for about US$202 million. The deal raises First Pacific's stake in Philex to 40.7 percent, making it the single largest shareholder in the miner. Philex Mining Corp fell sharply in early trade after the announcement about the deal by Hong Kong's First Pacific.
Dell Inc. (NASDAQ:DELL) said it reached a deal to sell a personal-computer factory in Poland to Taiwanese electronics giant Foxconn, a division of Hon Hai Precision Industry Co (TPE:2317). Following completion of the operation, which is to take several months, the factory will continue to manufacture Dell computers, but with the whole process overseen by Foxconn. Dell this year has closed its factories in Ireland and North Carolina. The company still has factories in Texas, Brazil, China, India and Malaysia.
General Motors Co. and SAIC Motor Corp. (SHA:600104) are expected to announce a joint venture in India on Friday, said a person familiar with the matter. GM already makes passenger vehicles in India, but the joint venture could expand its operations there.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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