Nissan announce acquisition of its own shares from Renault
London, 27 March 2024, (Oilandgaspress): – Following the resolution of the Board of Directors on March 27, 2024, Nissan Motor Co., Ltd. (Nissan) announced the acquisition of its own shares from Renault S.A. (Renault) and the cancellation of its own shares under the provision of Article 165(3) and Article 178 of the Companies Act respectively.
Nissan has received a notice from Renault offering to sell 280,690,000 Nissan shares held in a French trust, and has decided to acquire 100,242,900 shares by making use of its right of first offer as agreed with Renault under the New Alliance Agreement. Renault has the option to sell the rest of the Offered Shares deducting the number of Nissan shares sold by Renault in this treasury share acquisition, within an orderly process pursuant to the New Alliance Agreement.
The transaction will be funded using Nissan’s net cash position. This decision is in line with Nissan’s commitment to enhancing shareholder returns and capital efficiency whilst maintaining the necessary financial resources to deliver Nissan’s business plans. Going forward, Nissan will continue to provide high value to all stakeholders, aiming to secure total shareholder return at more than 30% in accordance with its business plan, The Arc.
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