Nissan to Buy Back $551 Million in Shares in Renault Realignment [BNN Bloomberg (Canada)]
RENAULT SA UNSP/ADR (RNLSY)
NASDAQ:AMEX Investor Relations:
group.renault.com/en/finance-2
Company Research
Source: BNN Bloomberg
The Japanese company plans to acquire around 195.5 million shares using its net cash position, it said Thursday. The deal hands Renault additional funds for the development of electric vehicles as it competes with Chinese automakers pushing into Europe. Renault will get as much as €494 million ($551 million) as a result of the deal, supporting its ambition to return to an investment-grade rating, it said in a separate statement. Nissan and Renault decided last year to reshape their decades-old alliance following years of acrimony. Renault Chief Executive Officer Luca de Meo said in November that selling Nissan shares would give him additional options to speed up development of more affordable EVs. The company in January canceled the listing of its software and EV unit Ampere due to slowing demand for battery-powered cars and a weak IPO market. Renault sold an initial tranche of Nissan stock late last year, netting €765 million, and sold a second tranche in March. The company pl
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