/cloudfront-us-east-2.images.arcpublishing.com/reuters/MADX3NZRKFNB5JKUFPONFIPN4Y.jpg "Correction: Itochu plans to rebuild Big Motor, succeeding major businesses through company split | Reuters")
On March 6, ITOCHU Corporation announced that the parties involved have entered into an agreement to rebuild the business of Big Motor, a major used car sales company that has fallen into financial difficulties due to issues surrounding fraudulent auto insurance claims. The photo is the Itochu logo. Photographed in November 2016 in Tokyo (2024 Reuters/Toru Hanai) *In the article published on the 6th, the heading “Stock Split” has been corrected to “Company Split”.
TOKYO (Reuters) – ITOCHU Corporation (8001.T), opens new tab on the 6th signed a contract to help rebuild the business of Big Motor, a major used car sales company that has fallen into financial difficulties due to fraudulent auto insurance claims. It was announced that the agreement had been signed between the parties involved. Through a company split, the company’s main businesses will be transferred to a new company.
Last November, Itochu, along with Itochu Enex and J-Will Partners, signed a basic agreement with Big Motor and began due diligence to examine the possibility of restructuring the company’s business. As a result, it was determined that business reconstruction was possible.
*In the article published on the 6th, the heading “Stock Split” has been corrected to “Company Split.”
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