May 06 (NHK) - Japan's Nissan Motor says it will sell all of its roughly 1.5-percent stake in Germany's Daimler through a placement to institutional investors. Nissan's French partner Renault made a similar announcement in March.
Nissan has been reeling from weak sales and the repercussions of the coronavirus pandemic.
The company says the proceeds from the sale will come to just under 1.15 billion euros, or about 1.38 billion dollars.
Nissan says it will use the funds "to further strengthen and enhance its business competitiveness, including investments to promote electrification."
It adds that its industrial partnership with Daimler "remains unchanged and is not impacted" by the sale.
In 2010, Nissan and Renault each acquired a stake in Daimler of around 1.5 percent. The three firms aimed to create a massive auto group for broad-ranging cooperation, including on the development of compact cars.
But the partnership did not evolve as hoped. Nissan and Renault have instead formulated a trilateral alliance with Mitsubishi Motors.
