Autos

Nissan sells its Daimler stake, following similar move by Renault

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Key Points
  • Nissan Motor said on Tuesday it was selling its roughly 1.5% stake in German carmaker Daimler through an accelerated bookbuild offer, following a similar move by alliance partner Renault in March.
  • Investors were guided to expect the shares to price at 69.85 euros each.

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A Mercedes-Benz AG star logo sits the hood of a Mercedes-Benz S-Class automobile outside the Daimler AG headquarters in Stuttgart, Germany, on Tuesday, Feb. 11, 2020.
Alex Kraus | Bloomberg | Getty Images

Japan's Nissan Motor said on Tuesday it was selling its roughly 1.5% stake in German carmaker Daimler through an accelerated bookbuild 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 to the matter had said larger initial plans never materialized and the cross-shareholdings were no longer deemed necessary.

Investors were guided to expect the shares to price at 69.85 euros each, a bookrunner organizing the deal said.

At that price, Nissan would reap just over 1 billion euros ($1.2 billion) from the deal.

Daimler shares closed at 72.41 euros a share on Tuesday.

Bank of America and Societe Generale are organizing the block trade.

($1 = 0.8319 euros)