Nissan will sell its 1.5 per cent stake in Daimler via an accelerated bookbuild offer.
Both Nissan and Renault exchanged stakes with Daimler roughly a decade ago to strengthen their industrial partnerships. While the companies continue to work together, it is understood that the cross-shareholdings were no longer deemed necessary.
Renault recently sold its stake in Daimler and Nissan is expected to sell its shares for €69.85 ($83) each which would total out at €1 billion ($1.2 billion). Interestingly, Renault closed its shares at €72.41 euros (~$87), Reuters reports.
Read Also: Renault Selling Their Stake In Daimler, Says Partnership Remains Unchanged
The partnership between Daimler and the Renault Nissan Alliance notably resulted in the creation of the Mercedes-Benz X-Class which was based on the global Nissan Navara pickup. However, Mercedes-Benz killed off the X-Class last year following two years of lackluster sales.
Confirmation of Nissan selling its stake in Daimler comes just a couple of weeks after the car manufacturer announced a series of production cuts it will have to make in response to the ongoing shortage of semiconductors.
Nissan is gearing up to idle its factory in Kyushu for eight days between May 10 and 19, impacting models such as the Serena and X-Trail. In addition, Nissan will cancel the night shift at its Oppama and Shatai factories between May 10 and 28. The Japanese car manufacturer will also idle production at a factory in Tochigi for 10 days.
“Due to the (global chip) shortage, Nissan is adjusting production and is taking necessary actions to ensure recovery,” a Nissan spokesman stated last month.
