Nissan is selling its stake in Daimler for $1.2 billion
This follows the same move done by Renault in March.
The Japanese car maker Nissan has said it will be selling its roughly 1.5 percent stake in German carmaker Daimler AG through an accelerated transaction, following a similar move done by Renault in March.
Both Renault and Nissan had bought stakes in Daimler about 10 years ago as a way to strengthen their industrial partnerships.
But now, the time has come for them to sell it on, making them each billions of dollars. Nissan is expected to walk away from this deal with $1.2 billion which they aim to use to support their development of electric vehicles. Renault is expected to make around the same.
In recent weeks, Daimler's shares have been consistent with a 72.41 euros a share close on Tuesday.