Japan's Mitsui to spend $1.5bn on bid to take Penske Automotive private

What happened: Mitsui & Co. said it will take U.S.-based Penske Automotive Group private together with fellow shareholder Penske Corp. Key numbers: Mitsui will spend $1.5bn on the bid. Why it matters: The move raises the Japanese trading house's long-term bet on the U.S. dealership group, which operates the largest Toyota dealership in the U.S. Coverage: 3 outlets in 24h

Mitsui & Co. said it will take U.S.-based Penske Automotive Group private together with fellow shareholder Penske Corp.

The move raises the Japanese trading house's long-term bet on the U.S. dealership group, which operates the largest Toyota dealership in the U.S.