Renault to Sell Nissan Up to 195.47 Million Nissan Shares

By Pierre Bertrand

Renault is to sell to Nissan Motor up to 195.47 million Nissan shares after the Japanese motor company said it would buy back and cancel them.

Nissan on Wednesday said it received a notice from the French car maker offering to sell the shares, which are held in a French trust.

It added that it would purchase the shares for 79.85 billion Japanese yen ($551.6 million) on Friday.

The amount of the shares to be sold represents around 5% of Nissan's share capital, Renault said.

This sale follows two previous sales of Nissan shares by Renault which took place in December 2023 and earlier this year in March, Renault said.

Renault added that the sale would result in an estimated maximum capital loss of 1.1 billion euros ($1.22 billion) for the group. It said that the loss would impact the group's net income but not its operating income.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

September 26, 2024 04:47 ET (08:47 GMT)

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