Renault Group announced on Wednesday a second transaction to sell up to 100,242,900 Nissan shares, about 2.5 per cent of Nissan’s capital, potentially generating up to €362 million.
This sale is a result of Nissan exercising its right to acquire these shares following Renault Group’s initial intention to sell up to seven per cent of Nissan’s capital. The remaining shares may be sold to Nissan or third parties within a 180-day period.
This sale is part of Nissan’s share buyback programme announced on March 27, 2024, with the acquired shares set to be cancelled, benefiting Nissan’s shareholders.
The shares being sold are part of the 24.63 per cent of Nissan’s capital held by a French trust established under the New Alliance Agreement between Renault Group and Nissan.
The sale of 100,242,900 Nissan shares would lead to a capital loss of up to €450 million on Renault Group’s consolidated financial statements, impacting net income but not operating income.
On Renault S.A.’s statutory statements, a capital gain of up to €50 million is expected. This transaction will facilitate faster deleveraging and support Renault Group’s goal of achieving an investment grade rating.
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