Renault has sold its entire 17.88% stake (43.6 million shares) in Nissan Diesel Motor Co., Ltd., that was originally acquired in March 1999 as part of the global alliance with the Nissan group.
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“Given the successful revitalization and the fact that Nissan Diesel has always been a non-strategic investment for Renault, [we have] decided to divest its shares,” the company said in a statement.
The stake was sold as a single block to JP Morgan Securities who, in turn, will sell it in the market.
Nissan Diesel, the fourth-ranked heavy truck maker in Japan, posted revenues of 453 billion yen (€3.4 billion) and operating income of 28.2 billion yen (€212.7 million), equivalent to 6.2 % of revenues, in fiscal year 2003-2004.
Truck sales amounted to 39,353 vehicles during the same period, 42% sold outside Japan, mainly in Asia and the United States.
