Nissan pushes Renault to sell down stake, may raise funds: source

Nikkei -- Oct 10
Nissan Motor is pressing French partner Renault to cut its stake in the Japanese automaker as much as possible, ideally to 15%, and may consider raising funds to buy back the shares, a source familiar with the matter said.

The demands were made in exchange for Nissan agreeing to invest in Renault's new unit being set up to house its electric vehicle (EV) assets, said the source, who sought anonymity as the talks are not public.

Renault owns about 43% of Nissan, which wants its French ally to wind down the stake to 15%, drawing level with Nissan's share in the alliance partner, the source said.

The stake sale would not affect their business alliance, and Nissan may need to raise funds to buy the shares back from Renault, the source added.

A Nissan spokesperson declined to comment. Renault did not immediately reply to Reuters' requests for comment.

The stake sell-down talks were first reported by The Wall Street Journal, and news agency Bloomberg said Renault was open to reducing its stake in Nissan, citing people familiar with the talks.

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