Nissan Sells Daimler Shares for Over $1.3 Billion to Boost 'Business Competitiveness'

MOSCOW (Sputnik) - Japan's Nissan Motor announced on Wednesday selling all of its shares in the German automaker company Daimler for a total of 1.15 billion euros ($1.38 billion) to use the proceeds on the development of electric vehicles.

Nissan has about 16.5 million shares, equivalent to 1.54% of Daimler's issued shares, according to the statement.

"Nissan announces the sale of its entire stake in Daimler at a price of €69.85 per share (i.e. total amount of gross proceeds of approximately €1.149 billion) through a placement to institutional investors by way of an accelerated bookbuilding process (the 'sale')", the statement read.

Daimler logo. (File)

© AP Photo / Michael Sohn

The proceeds will be used "to further strengthen and enhance its business competitiveness, including investments to promote electrification", the Japanese company said.

Nissan's alliance partner Renault sold its Daimler shares in March. Like Nissan now, the French carmaker stressed that the sale would not affect the partnership.