Nissan Motor Co. is selling stock it owns in Daimler AG worth about 1.19 billion euros ($1.4 billion), joining its partner Renault SA in generating funds for turnaround efforts. Nissan is offering about 16.4 million shares through a sale run by BofA Securities and Societe Generale, according to terms obtained by Bloomberg News. Renault shed its Daimler stake in March, bringing in 1.14 billion euros. Like Renault, Nissan is trying to restore profitability and overhaul its portfolio after the 2018 arrest of their long-time leader Carlos Ghosn threw their alliance into disarray. Daimler still holds 9.17 million shares of Renault, according to data compiled by Bloomberg.

Source: Mint May 04, 2021 17:15 UTC