Daimler: share loses significantly, after Renault, Nissan is also getting out of Daimler

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End of the cross-shareholding:

Nissan gives up its stake in Daimler

Photo: Marijan Murat / picture alliance / dpa

After Renault, the Japanese car maker Nissan is also getting out of its competitor Daimler.

Nissan threw around 16.4 million Daimler shares on the market on Tuesday evening and thus its entire stake of a good 1.5 percent in the Stuttgart carmaker.

The banks involved announced that the shares would likely be allocated at EUR 69.85, i.e. with a discount of 3.5 percent on the Xetra closing price.

Nissan takes 1.15 billion euros from the sale.

Daimler shares, which had lost around 2.7 percent at the close of Xetra trading, increased their losses in late trading on Tuesday to 4.5 percent.

It was only in March that Renault parted with a Daimler share package of the same size.

Renault and Nissan had invested 1.55 percent each at Daimler more than ten years ago.

The three carmakers wanted to underpin a comprehensive partnership with a cross-shareholding.

But the ambitious plans quickly dwindled, and the cooperation between Daimler and Renault is mainly limited to vans and transporters.

The Stuttgart-based upper-class manufacturer has held 3.1 percent of each of the two partners since 2011.

However, he has long since contributed the two share packages to the pension assets from which the company pensions are paid for the workforce - a signal that Daimler no longer considered the investments to be strategic.

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The Swabians are now working more closely with the Chinese car maker Geely, the company owned by Daimler's major shareholder

Li Shufu

: for example in the construction of the electric smart and engines.

In 2010, the then Daimler boss Dieter Zetsche and his Renault and Nissan counterpart Carlos Ghosn had a common platform for the Smart and the Renault Twingo in mind.

Both are no longer in office.

The placement for Nissan was organized by Bank of America and Societe Generale.

rei / Reuters