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)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks