Australia markets close in 5 hours 34 minutes
  • ALL ORDS

    7,297.40
    +41.60 (+0.57%)
     
  • ASX 200

    7,066.00
    +42.40 (+0.60%)
     
  • AUD/USD

    0.7776
    +0.0004 (+0.05%)
     
  • OIL

    66.43
    +0.16 (+0.24%)
     
  • GOLD

    1,870.10
    +2.50 (+0.13%)
     
  • BTC-AUD

    57,079.25
    -2,857.16 (-4.77%)
     
  • CMC Crypto 200

    1,227.74
    +29.83 (+2.49%)
     
  • AUD/EUR

    0.6394
    +0.0002 (+0.03%)
     
  • AUD/NZD

    1.0769
    -0.0001 (-0.01%)
     
  • NZX 50

    12,412.58
    +2.11 (+0.02%)
     
  • NASDAQ

    13,312.91
    -80.21 (-0.60%)
     
  • FTSE

    7,032.85
    -10.76 (-0.15%)
     
  • Dow Jones

    34,327.79
    -54.34 (-0.16%)
     
  • DAX

    15,396.62
    -20.02 (-0.13%)
     
  • Hang Seng

    28,194.09
    +166.52 (+0.59%)
     
  • NIKKEI 225

    28,064.75
    +239.92 (+0.86%)
     

Nissan to sell entire Daimler stake for $1.4 billion

·1-min read
Nissan has announced the sale of its entire 1.54 percent stake in German auto giant Daimler

Nissan on Wednesday announced the sale of its entire 1.54 percent stake in German auto giant Daimler for around 1.15 billion euros ($1.4 billion), following a similar move by its French partner Renault.

The Japanese automaker has been trying to become profitable again and recover from the reputational damage caused by the departure of its now-fugitive former leader Carlos Ghosn.

Nissan said the divestment will allow it to "further strengthen and enhance its business competitiveness, including investments to promote electrification".

Its industrial cooperation with Daimler remained unchanged, the company said, adding: "The two groups continue to collaborate in several areas."

In March, Renault also announced the sale of its entire 1.54 percent stake in Daimler after the French automaker booked a record loss in 2020, its performance hit by the pandemic.

Nissan has upgraded its full-year forecast, projecting a net loss of 530 billion yen ($4.8 billion) for the fiscal year to March, smaller than its earlier estimate.

Nissan, which has maintained its partnership with Renault and Mitsubishi, will announce annual results next week.

si/qan