Nissan has completed its acquisition of a 34% stake in Mitsubishi Motors, becoming the largest stakeholder in process.

As part of the deal, Mitsubishi will also become part of the global Alliance with Nissan and Renault.

Nissan chairman and chief executive officer Carlos Ghosn said: “The combination of Nissan, Mitsubishi Motors and Renault will create a new force in global car-making.

“It will be one of the world’s three largest automotive groups, with the economies of scale, breakthrough technologies and manufacturing capabilities to produce vehicles to serve customer demand in every market segment and in every geographic market around the world.”

The companies are targeting ‘synergy’ benefits worth 24bn yen (£0.2bn) in the fiscal year 2017, rising to 60bn yen the following year.

Nissan and signed a basic agreement towards the acquisition in May, in the aftermath of Mitsubishi being caught conducting testing improperly a few months earlier.

Improving Mitsubishi’s brand reputation following this was highlighted as a priority by Ghosn.

As part of the deal, Nissan has nominated four representatives to the Board of MMC, including Ghosn as chairman-elect.

The other nominees are Hitoshi Kawaguchi, chief sustainability officer and head of global external affairs; Hiroshi Karube, global controller and global asset manager; and Mitsuhiko Yamashita, Nissan’s current representative on the Mitsubishi Motors board.

As well as these changes, Ghosn has also proposed a number of senior appointment’s to the Nissan Board, including naming current chief competitive officer Hiroto Saikawa as co-chief executive officer.