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Nissan mulls sale of stake in auto parts supplier Calsonic Kansei: Nikkei
May 23, 2016 / 11:56 PM / in a year

Nissan mulls sale of stake in auto parts supplier Calsonic Kansei: Nikkei

TOKYO (Reuters) - Nissan Motor Co (7201.T) is considering selling its 41 percent stake in auto parts supplier Calsonic Kansei Corp 7248.T to raise cash for research and development in electric cars and artificial intelligence, the Nikkei newspaper reported.

The logo of Nissan is seen at its dealership in Seoul, South Korea, May 16, 2016. REUTERS/Kim Hong-Ji

Nissan, Japan’s second-biggest automaker, plans to seek a first round of bids in June, the paper said, without citing its sources. Major foreign parts makers and U.S. and European investment funds appear to be interested in the stake, the Nikkei said.

Based on Calsonic Kansei’s market value on Monday, the sale could raise more than 100 billion yen ($915 million).

Shares in Calsonic Kansei fell as much as 7.2 percent in early trade on the report.

Nissan, owned 44 percent by France’s Renault SA (RENA.PA), said it was considering various options for the parts maker but that nothing had been decided.

“Calsonic Kansei is one of the most important partners for the Renault-Nissan alliance,” it said. “We are considering various options that would boost (Calsonic Kansei‘s) competitiveness.”

A Calsonic Kansei spokeswoman said any sale would be Nissan’s decision and that the company was not in a position to comment.

Earlier this month, Nissan agreed to buy a 34-percent stake in Mitsubishi Motors Corp (7211.T) for about $2.2 billion as it seeks to better compete with bigger rivals such as Toyota Motor Corp (7203.T) and Volkswagen AG (VOWG_p.DE).

Reporting by Chang-Ran Kim; Editing by Stephen Coates and Joseph Radford

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