Renault Group to sell to Nissan up to 100,242,900 Nissan shares representing approximately 2.5% of Nissan capital
March 27 2024 - 2:52AM
Renault Group to sell to Nissan up to 100,242,900 Nissan shares
representing approximately 2.5% of Nissan capital
Press Release March 27, 2024 |
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Renault Group to sell to Nissan
up to 100,242,900 Nissan shares representing approximately 2.5% of
Nissan capital
Boulogne-Billancourt, March 27, 2024
After a first sale of Nissan shares on December
13, 2023, Renault Group announces a second transaction with
the intention to sell to Nissan up to 100,242,900 Nissan
shares, representing approximately 2.5%
of Nissan capital.
This sale of approximately 2.5% of Nissan
capital results from the exercise by Nissan of its right of first
offer to acquire 100,242,900 Nissan shares following a
notice from Renault Group expressing its intention to sell
280,690,000 Nissan shares (representing up
to 7% of Nissan capital). Pursuant to the New Alliance
Agreement, Renault Group has the option to sell the remainder of
the 180,447,100 Nissan shares that have not been bought back by
Nissan, during a 180-day period to Nissan or to third-parties.
This sale will be implemented as part of the
share buyback program announced by Nissan on March 27, 2024.
Nissan has also announced its decision to cancel all the
acquired shares which will be accretive for Nissan’s
shareholders.
The shares to be sold are part of the 24.63% of
Nissan’s capital held by a French trust (as a reminder, 28.4% were
initially transferred by Renault Group into this trust on November
8, 2023 pursuant to the New Alliance Agreement between Renault
Group and Nissan).
Assuming a maximum number of 100,242,900 Nissan
shares sold at a share price of ¥593.4 (closing price of Nissan
share on March 27, 2024 restated from ¥10 corresponding to upcoming
dividend payment that Renault Group would receive in H1 2024 on
these 100,242,900 shares), this sale would result, at the
transaction date, in a cash inflow of up to €362 million,
which would improve the Automotive net cash financial position of
Renault Group.
As a consequence of the sale of 100,242,900
Nissan shares, the accounting impacts would be the following:
- On Renault Group
consolidated financial statements: a capital loss on disposal of up
to €450 million, which would impact the net income (this capital
loss, booked in "other operating income and expenses", would not
impact the Group's operating income).
- On Renault S.A.
statutory statements: a capital gain on disposal of up to €50
million.
This transaction will allow faster
deleveraging and supports the Group’s determination to return to an
investment grade rating.
About Renault Group
Renault Group is at the forefront of a mobility
that is reinventing itself. Strengthened by its alliance with
Nissan and Mitsubishi Motors, and its unique expertise in
electrification, Renault Group comprises 4 complementary brands -
Renault, Dacia, Alpine and Mobilize - offering sustainable and
innovative mobility solutions to its customers. Established in more
than 130 countries, the Group has sold more than 2.235 million
vehicles in 2023. It employs nearly 106,000 people who embody its
Purpose every day, so that mobility brings people closer. Ready to
pursue challenges both on the road and in competition, Renault
Group is committed to an ambitious transformation that will
generate value. This is centred on the development of new
technologies and services, and a new range of even more
competitive, balanced, and electrified vehicles. In line with
environmental challenges, the Group’s ambition is to achieve carbon
neutrality in Europe by 2040.https://www.renaultgroup.com/en/
RENAULT
GROUP INVESTORRELATIONS |
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Philippine de
Schonen+33 6 13 45 68 39philippine.de-schonen@renault.com |
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RENAULT
GROUP PRESS RELATIONS
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Valérie Gillot+33
6 83 92 92 96valerie.gillot@renault.com |
Rie Yamane+33 6
03 16 35 20rie.yamane@renault.com |
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