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Nissan to buy back shares for $3.5bn

Nissan to buy back shares for $3.5bn

TOKYO: Japanese car maker Nissan said on Friday it will buy back 400 billion yen ($3.5 billion, 3.2 billion euros) worth of its own shares by the end of the year.

The operation, announced after a board meeting, will start on Monday and run until December 22, it said.

The buyback will not change the shareholding balance in Nissan’s alliance with French partner Renault, it added.

Separately, Renault said that it would also sell Nissan shares as part of the programme to maintain its current 43.4-percent stake in Nissan, which in turn owns 15 percent in the French automaker.

Renault-Nissan alliance chief executive Carlos Ghosn said the group’s cash flow position was high, prompting the decision to return cash to shareholders.

Renault-Nissan is the world’s fourth-biggest car maker with 8.53 million unit sales in 2015.

Copyright AFP (Agence France-Presse), 2016

Courtesy : BRecorder



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