(Bloomberg) -- Nissan Motor Co. is selling about 16.4 million shares it owns in Daimler AG months after its alliance partner Renault SA offloaded its holding in the German manufacturer.
Nissan is offering the stock through a sale run by BofA Securities and Societe Generale, according to terms obtained by Bloomberg News. The shares will be offered to institutional investors after the close of trading Tuesday.
Renault shed its Daimler stake in March for 1.14 billion euros ($1.4 billion), generating funds for its turnaround efforts after a record annual loss last year. Daimler partnered with the Renault-Nissan alliance under the companies’ long-time former leaders Dieter Zetsche and Carlos Ghosn.
The two chief executives regularly hosted joint press conferences at car shows before Japanese police arrested Ghosn in late 2018 on suspicion of financial misconduct. Zetsche stepped down from Daimler the following year.
Representatives for Nissan and Daimler didn’t immediately comment on the share sale.
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