Nissan is selling its stake in Daimler

Nissan plans to sell its roughly 1.5% stake in Daimler.
Nissan plans to sell its roughly 1.5% stake in Daimler.

Japan's Nissan Motor said on Tuesday it was selling its roughly 1.5% stake in German carmaker Daimler through an accelerated bookbuild offer, following a similar move by alliance partner Renault in March.

The French carmaker, with Nissan, exchanged stakes with Daimler a decade ago to strengthen their industrial partnerships.

Cooperation is continuing, Daimler and Renault said earlier this year, though people close to the matter said larger initial plans never materialised and the cross-shareholdings were no longer deemed necessary.

Investors were guided to expect the shares to price at 69.85 (about R1,212) each, a bookrunner organising the deal said.

At that price, Nissan would reap just over 1bn (roughly R17,317,440,000) from the deal.

Daimler shares closed at 72.41 (about R1,256) a share on Tuesday.

Bank of America and Societe Generale are organising the block trade.

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