Mitsubishi buys Intercity stakes

Bloomberg

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Mitsubishi may raise the stake incrementally to 50 percent, said Hideshi Takeuchi, Chief Operating Officer of Mitsubishi. Despite the fact that no figure was announced, Hürriyet said the amount was "enough to buy a medium-sized bank" in Turkey.

Mitsubishi will expand Intercity's fleet to 100,000 vehicles, worth $4 billion, in four years time from the current 27,000, he said. Intercity's sales will rise 33 percent this year to $215 million, excluding sales taxes, said Intercity Chief Executive Officer Vural Ak.