Daimler To Take Over 50% In Nissan Diesel

Daimler-Benz and Nissan Motor have agreed that Daimler will acquire more than 50 per cent of Nissan Diesel Motor in July, the Nihon Keizai Shimbun reported yesterday. That would make Nissan Diesel Motor the first Japanese automobile maker to become a subsidiary of a foreign carmaker. Nissan will sell part of its 39.8 per cent stake in Nissan Diesel and the remaining will be provided by new share issues allocated to Daimler. Nissans ownership in Nissan Diesel will fall to below 20 per cent. Yoshifumi Nakazawa, a Nissan Diesel senior managing director will be invited to join the board of directors of Daimler.