Nissan Motor Co. said Wednesday it will sell all of its stake in Germany's Daimler AG in a deal expected to fetch 1.149 billion euros (1.20 euros) to strengthen its electric-vehicle business.

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Nissan said it would sell its entire stake in Daimler to institutional investors at 69.85 euros per share. Nissan also said that the business partnership with Daimler would not change as a result of the exit and that the two companies would continue to work together in a number of areas as in the past.


In April 2010, Renault-Nissan Alliance and Daimler Group announced a tripartite alliance to expand strategic cooperation by taking shares in each other. The tie-up gives Renault and Nissan a 1.55 per cent stake each in Daimler. Renault announced in March that it was selling its entire stake in Daimler.


Experts here said that Nissan's sale of Daimler shares on the one hand is related to Nissan's current financial situation is not good, and the trilateral cooperation to improve Nissan's business performance is not obvious.


Nissan is expected to lose 530 billion yen (109 yen to the dollar) in the 2020 fiscal year, which ends March 2021, according to an earnings forecast released in February.

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