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Nissan Motor Co. is in talks to take a 34% stake in Mitsubishi Motors Corp., the automakers said Thursday. The ¥237 billion stake would make Nissan the smaller automaker’s largest shareholder.

The arrangement could bring clear benefits for Mitsubishi, including membership in the massive Nissan-Renault alliance. Combined unit sales of about 9.5 million would place the group on a par with behemoths Toyota Motor Corp. and Volkswagen AG.

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