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DivinePaladin said:

Nintendo owns shares in GF so technically they ARE part of Nintendo. Nintendo just doesn't care what they do so long as they keep pumping out Pokemon every few years. Just like GF doesn't care what Nintendo does so long as they're allowed to choose what platforms to work on (hence why BW2 was on the massive-install base DS instead of the then-struggling 3DS).

I don't believe Nintendo is anywhere near a majority owner of Game Freak though, just like Sony owning some Square Enix shares does not make Square Enix part of Sony. Don't forget how much of a control freak Nintendo can be: if Nintendo had enough ownership of Game Freak to stop it from making games for competing platforms, you can bet your ass they'd exercise that power, especially when they need far more games than their developers can pump out