French carmaker Renault said on Tuesday booked an extraordinary loss of about 9.5 billion euros ($11.2 billion) on its stake in Nissan Motor in the first half.
Renault owns 35.7% of Nissan, with 17.05% held directly and the rest through a trust.
According to a Reuters report, the change comes as the two companies loosen their ties and adjust a two-decade-long partnership, with Renault gradually lowering its stake in the Japanese firm, which is battling slumping sales and scrambling to boost cash.
WWW.SEARCHNG.NG – Search on Sells.ng Nigeria's First Ecommerce Shopping Search Engine ...For More About This Post: NELFUND Warns Students Against Fake Online Loan Portal
It said that in the future, any change in the value of the holding would be directly recognised in equity and assessed based on Nissan’s share price, with no impact on its net income or on the dividends it pays out.
It added that there would be no change to operational projects and collaboration between the two firms.
Renault, which reports its first-half results on July 31, is also seeking a new CEO, with current leader Luca de Meo due to depart on July 15 and later take the helm at luxury firm Kering.
The post Renault Reports $11.2b Loss On Nissan Stake In Q1 appearedFrom The Feed @ SEARCHNG.NG THe Nigerian Search Engine.