Itochu Eyes Acquiring Embattled Bigmotor

REUTERS/Toru Hanai
The logo of Itochu Corp is seen outside the company’s headquarters in Tokyo, Japan

TOKYO (Jiji Press) — Major Japanese trading house Itochu Corp. said Friday that it will evaluate Bigmotor Co.’s assets together with an investment fund to examine the feasibility of rebuilding the embattled used car dealer.

Itochu plans to acquire Bigmotor if it determines that the company’s rehabilitation is feasible. It will draw a conclusion on the matter by next spring.

On Friday, Itochu, subsidiary Itochu Enex Co. and investment fund J-Will Partners concluded a basic agreement with Bigmotor to conduct an exclusive asset evaluation.

They also agreed that Bigmotor’s founding family will be excluded from management.