Nissan sells its Daimler stake, following Renault


FRANKFURT — Japan’s Nissan Motor Co. said on Tuesday it was selling its roughly 1.5 percent stake in German carmaker Daimler AG through an accelerated transaction offer, following a similar move by alliance partner Renault in March.

The French carmaker, with Nissan, had exchanged stakes with Daimler a decade ago to strengthen their industrial partnerships.

Cooperation is continuing, Daimler and Renault said earlier this year, although people close the matter had said larger initial plans never materialized and the cross-shareholdings were no longer deemed necessary.

Investors were guided to expect pricing near Tuesday’s closing price of 72.41 euros a share, a bookrunner organizing the deal said.

At that price, Nissan would reap just under 1.2 billion euros ($1.4 billion) from the deal.

Products You May Like

Articles You May Like

Recycling could help fill battery demand
U.S. SEC probes VW ‘Voltswagen’ marketing stunt, report says
Tesla’s market share in a critical area is set for a huge boost: analyst
Ed Morse group buys 4 dealerships in Missouri
Safer At Any Speed: This Corvair Monza Is Actually A 2004 Chrysler Sebring

Leave a Reply

Your email address will not be published. Required fields are marked *