TOKYO (Reuters) -Nissan Motor CEO Ivan Espinosa said that the company plans to reduce the automaker’s stake in French partner Renault, the Nikkei business newspaper reported on Monday.
Selling its entire 5% stake in Renault would raise about 100 billion yen ($640 million) at current share prices, funds Nissan plans to use for new vehicle development amid challenging business conditions, the report said.
(Reporting by Kaori Kaneko and Satoshi Sugiyama; Editing by Kim Coghill)
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