Nissan buying 34 percent of Mitsubishi Motors for $2.2 bn

Nissan threw a lifeline to Mitsubishi Motors on Thursday by confirming plans to buy a 34 percent stake in the scandal-hit automaker, with the deal valued at about $2.2 billion according to a regulatory filing.

The news comes after Mitsubishi was plunged into crisis following bombshell revelations it cheated on fuel-economy tests for years.