Renault is selling around 5% of its stake in partner Nissan, offloading the stock as part of a share buyback by the Japanese carmaker.
The move follows last month’s finalization of a plan for Renault to reduce its interest in Nissan. The stake sale is valued at around €765 million ($824 million; ¥120.4 billion), but will result in a capital loss of €1.5 billion, the French company said Tuesday.
Eventually, the two carmakers aim to equalize their cross-shareholdings at 15%, loosening the ties that kept them together in a carmaking alliance for two decades. The partnership between Nissan and Renault was jolted in 2018 by the arrest of Carlos Ghosn, chairman of both companies. Since then, they have drifted apart and are now charting separate paths.