FRANKFURT: Japan’s Nissan Motor mentioned on Tuesday it was promoting its roughly 1.5% stake in German carmaker Daimler by means of an accelerated bookbuild provide, following the same transfer by alliance companion Renault in March.
The French carmaker, with Nissan, had exchanged stakes with Daimler a decade in the past to strengthen their industrial partnerships.
Cooperation is constant, Daimler and Renault mentioned earlier this 12 months, though individuals near the matter had mentioned bigger preliminary plans by no means materialised and the cross-shareholdings have been not deemed mandatory.
Investors have been guided to count on the shares to cost at 69.85 euros every, a bookrunner organising the deal mentioned.
At that worth, Nissan would reap simply over 1 billion euros ($1.2 billion) from the deal.
Daimler shares closed at 72.41 euros a share on Tuesday.
Bank of America and Societe Generale are organising the block commerce.
