Renault sells Nissan Diesel stake to J.P. Morgan

8th March 2005, Comments 0 comments

PARIS, March 8 (AFP) - French car maker Renault said Tuesday it had sold its 17.88 percent stake in Japanese heavy truck maker Nissan Diesel to J.P. Morgan Securities, which disposed of them on the open market.

PARIS, March 8 (AFP) - French car maker Renault said Tuesday it had sold its 17.88 percent stake in Japanese heavy truck maker Nissan Diesel to J.P. Morgan Securities, which disposed of them on the open market.

Renault said it sold 43.6 million shares. It did not disclose the value of the sale.

On the basis of Nissan Diesel's closing share price of JPY 551 (EUR 3.96) Tuesday in Tokyo, the sale was worth JPY 24.02 billion (EUR 172.56 million). Renault said the sale came after the "successful restructuring" of Nissan Diesel, and reflected the non-strategic nature of the holding.

Nissan Diesel is the fourth-biggest Japanese maker of heavy trucks, with sales of JPY 453 billion (EUR 3.26 billion) in its 2003-2004 business year.

© AFP

Subject: French News

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