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It's a merger that's destined to fizzle out, but being Japanese, there's probably some tax credits or money involved. I'm pretty sure Nissan was encouraged to take on Mitsubishi as well.
It is true that Toyota has a hand in quite a few manufacturers already, and really no one else has the resources to do it either.
Toyota owns part of:
Fuji Industries(Subaru)
Daihatsu
Isuzu
They have a partnership with Mazda for the next gen RWD architecture.
Nissan had been a slow motion trainwreck for the last decade though.
They do have a bit more presence in Europe with the Qashqai and whatever their version of the Kicks is called. They also still sell the Juke there as well.
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