A deal worth 362 million euros… Renault will reduce its stake in Nissan

This is the second time that Renault has disposed of its shares in Nissan, after selling a 5% stake last December.

This step comes as part of Renault’s plans to reduce its stake in Nissan to 15%, from a 43% stake, as part of an agreement last year to reduce the size of their partnership.

In turn, Japanese automaker Nissan Motors announced a plan worth billions of yen to buy back its shares from French automaker Renault SA.

Nissan Motor Co., Ltd. announced yesterday, Wednesday, that it will acquire its own shares worth 59.484 billion yen from Renault, today, Thursday, March 28.

Nissan received a notice from Renault offering to sell 280,690,000 Nissan shares, and decided to acquire 100,242,900 shares. (cnbc)