Nissan to buy billions of yen in its own shares from Renault

DPA
·1 min read
A Nissan logo is pictured on a car during the second day of the 89th Geneva Motor Show. Uli Deck/Deutsche Presse-Agentur GmbH/dpa
A Nissan logo is pictured on a car during the second day of the 89th Geneva Motor Show. Uli Deck/Deutsche Presse-Agentur GmbH/dpa

Japanese carmaker Nissan Motor Co Ltd has announced a multibillion-yen plan to buy back its own shares from French carmaker Renault SA.

Nissan Motor Co Ltd on Wednesday announced that it will acquire its own shares worth 59.484 billion yen ($0.393 billion) from Renault SA on March 28.

Nissan has received a notice from Renault offering to sell 280,690,000 Nissan shares held in a French trust, and has decided to acquire 100,242,900 shares.

Renault has the option to sell the rest of the offered shares deducting the number of Nissan shares sold.

The transaction will be funded using Nissan's net cash position.