French carmaker Renault SA said Tuesday it will sell back a 5 percent stake in Nissan Motor Co. to the Japanese partner for 765 million euros ($823 million) as part of a revamp of their decades-old alliance.
Renault aims to reduce its stake in Nissan from 43.4 percent to 15 percent, as agreed upon earlier this year under their new partnership.
As part of the process, the French automaker has entrusted a 28.4 percent to a French trust from which Nissan will repurchase the 5 percent stake, roughly equivalent to 211 million of its own shares, on Wednesday.
The initial tranche of Nissan share sales by Renault is in accordance with their agreement to align the French carmaker's stake in Nissan with the 15 percent stake that the Japanese carmaker holds in Renault.
Nissan said separately that it will cancel all the acquired shares to improve its capital efficiency.
