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Mitsubishi, Intercity in $3 billion car rental venture

ISTANBUL
Thu Nov 13, 2008 10:01am EST

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ISTANBUL (Reuters) - Japan's Mitsubishi group and Turkish car rental company Intercity are to invest $3 billion over four years in Turkey's rental car market, they said on Thursday.

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Intercity Chief Financial Officer Mete Onol told Reuters Mitsubishi will take a 45 percent stake in Intercity. He declined to give a value for the stake.

"Mitsubishi Corp (8058.T) and Mitsubishi UFJ (8306.T) will take a 45 percent stake in Intercity. With its new partners Intercity will invest $3 billion within four years," Onol said.

The companies were due to hold a news conference to announce details of the project on November 18.

Intercity said on its Web site it was the market leader with a 23 percent market share in the car rental sector and has offices across western Turkey.

(Reporting by Tolgahan Ozkan; Editing by Erica Billingham)
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