Renault Reaps €362 Million From Selling More of Its Nissan Stake [BNN Bloomberg (Canada)]
RENAULT SA UNSP/ADR (RNLSY)
NASDAQ:AMEX Investor Relations:
group.renault.com/en/finance-2
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Source: BNN Bloomberg
The maker of Megane E-Tech cars plans to offload around 2.5% of its holding with proceeds expected of as much as €362 million ($391 million) for Renault, the manufacturer said Wednesday. Renault last year started loosening ties with its long-time partner Nissan after their alliance had soured over the years. The French company sold an initial initial tranche of shares late last year, netting €765 million, part of a plan to lower its stake in Nissan to 15% from in initial 43%. The sell-down of the holding in Nissan is giving Renault more financial firepower after the company decide to scrap the planned initial public offering of its electric-vehicle and software arm Ampere. Read More: Renault Selling Part of Nissan Stake to Partner for €765 Million Nissan plans to cancel all of the roughly 100 million shares following the transaction, the carmaker said Wednesday. The sale will result in a capital loss of as much as €450 million for Renault, set to impact group net income but n
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