Nissan Motor Co. sold its entire stake in Daimler AG for 1.15 billion euros ($1.4 billion), joining its partner Renault SA in generating funds for turnaround efforts, Report informs, citing Bloomberg.
Nissan sold about 16.4 million shares at 69.85 euros each, according to a statement on its website Wednesday. Renault shed its Daimler stake in March, bringing in 1.14 billion euros. Daimler shares closed at 72.41 euros on Tuesday.
Like Renault, Nissan is trying to restore profitability and overhaul its portfolio after the 2018 arrest of their long-time leader Carlos Ghosn threw the alliance into disarray. Projects the two companies started with Daimler just over a decade ago were among the endeavors showing signs of stress before Nissan insiders orchestrated the former chairman’s downfall almost three years ago.
Nissan said that proceeds from the Daimler stake sale will be used to “further strengthen and enhance its business competitiveness, including investments to promote electrification.”
Daimler still holds 9.17 million shares of Renault, according to data compiled by Bloomberg.