• Kyodo

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Shareholders of Mitsubishi Motors Corp. approved proposals Thursday allowing the firm to raise up to ¥210 billion in a public offering to buy back preferred shares and improve its finances.

The automaker will use the funds to purchase about ¥380 billion in preferred shares held by Bank of Tokyo-Mitsubishi UFJ and other Mitsubishi group companies to ease the potential burden of paying relatively high dividends promised for the shares.

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