Renault is selling a second stake in Nissan, representing 2.5% of the capital

Second sale of Nissan shares to Renault. The French automaker announced this Wednesday the sale of a block of shares representing about 2.5% of the capital, as part of the disclosure of their links and the 2023 evaluation of the alliance that unites them since 1999. In detail, Renault plans to sell. up to 100,242,900 Nissan shares, which it will cancel, the French car group said in a press release.

This sale would result in a positive cash flow for Renault, which could reach up to 362 million euros, according to the closing price of Nissan shares on Wednesday (returned by 10 yen, corresponding to the next dividend that the Renault Group should receive on these shares. ), but capital loss of up to 450 million euros on consolidated accounts.

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this operation” it will increase the speed of debt reduction and help the decision »from group to” get an “investment grade” financial rating. », Underlined manufacturer.

The first block was sold in December

Last December, Renault confirmed that it had already sold 211 million Nissan shares, or 5% of the 28.4% it held, for 764 million euros, resulting in a loss of one billion in its account, compared to the 1.5 billion previously estimated.

Renault, Nissan and Mitsubishi – in which Nissan holds a 34% stake – changed the alliance that has united them since 1999 at the beginning of November. the head of the union, was arrested at the end of 2018 in Japan on suspicion of financial embezzlement.

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As part of the rebalancing of their alliance, announced in early 2023, Renault Group and Nissan will maintain a 15% stake. Renault, which previously owned 43.4% of Nissan, transferred a stake of more than 15% to the French company.

Net profit of 2.2 billion euros

In February, Renault posted a net result of around 2.2 billion euros for the year 2023. The French manufacturer is reaping the benefits of a major overhaul of its industrial organization and a new range of premium vehicles. Renault group sales reached 52.4 billion euros, an increase of 13.1% in one year.

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After four years of decline, the group’s sales recorded an increase of 9% with 2.235 million vehicles sold, mainly with its economy brand Dacia and in the SUV segment, with the Arkana or Austral SUVs. Sales are driven by this volume, but also a significant impact from price increases and the number of cars sold at higher levels. This 2023 result includes 797 million euros connected to Nissan’s contribution.

(By AFP)