Nissan to Buy Back $824 Million Stake From Renault

By Adria Calatayud

Renault plans to sell a 5% stake in Nissan Motor back to the Japanese carmaker for up to 765 million euros ($823.6 million).

The French company said Tuesday that the sale of the Nissan shares could result in a capital loss of up to EUR1.5 billion which would hit net profit in its own accounts. This is the maximum amount and could be adjusted at year-end, Renault said.

Renault's estimates for the value of the sale and its expected impact assume 211 million Nissan shares are sold at a share price of 568.5 Japanese yen ($3.89),it said.

Renault said the 5% stake in Nissan it is selling back to its Japanese partner is part of a 28.4% stake it transferred to a French trust last month. The sale will be implemented as part of a Nissan share buyback, Renault said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

December 12, 2023 03:12 ET (08:12 GMT)

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