Nissan to Buy Back $3.5 Billion in Shares to Boost Value
- Japanese automaker to acquire as many as 300 million shares
- Alliance partner Renault to maintain its holding in Nissan
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Nissan Motor Co., boosting earnings on rising sales in the U.S. and China, will acquire up to 400 billion yen ($3.5 billion) of stock in a bid to shore up its share price after a 24 percent decline this year.
The Japanese automaker will buy back as many as 300 million shares, or 6.7 percent of issued stock, it said in a Tokyo Stock Exchange filing Friday. The company and alliance partner Renault SA agreed that the French automaker will sell shares in Nissan, to maintain its holding at 43.4 percent, according to the filing.