Renault to sell 5% stake in Nissan under share buyback program
French carmaker, Renault on Tuesday announced to sell a tranche of around 5 per cent of its stake in Japan’s Nissan. The stake sell has come as a part of rebalancing plan of the two companies’ long-standing alliance, Renault said in a statement on Tuesday.
The sale will be implemented under the company’s share buyback program announced by Nissan. The buyback program will be executed on Wednesday, company added in its statement. Renault and Nissan finalised at the end of July the terms of a restructuring of their alliance after months of negotiations, aiming for a downsized, but more pragmatic and agile partnership. Renault Group and Nissan will continue to hold cross-shareholdings of 15%.
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Published: 12 Dec 2023, 01:37 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.