Nissan Motor Co completed its acquisition of a $2.3 billion stake in Mitsubishi Motors Corp, clearing the way for Carlos Ghosn to take over as chairman and embark on a bid to turn around a third major automaker.

Mitsubishi Motors said Nissan paid 468.52 yen ($4.54) per share for about 34 percent of its outstanding stock. Ghosn will become chairman effective on Dec 14, putting him at the helm of Mitsubishi Motors, Nissan and its alliance partner Renault SA.

Nissan is coming to Mitsubishi Motors' rescue following its admissions of improperly measuring fuel economy and manipulating test data.