Nissan sells its Daimler stake, following Renault

a pair of headphones: FILE PHOTO: FILE PHOTO: The brand logo of Nissan Motor Corp. is seen on a tyre wheel of the company's car at their showroom in Tokyo © Reuters/ISSEI KATO FILE PHOTO: FILE PHOTO: The brand logo of Nissan Motor Corp. is seen on a tyre wheel of the company's car at their showroom in Tokyo

FRANKFURT (Reuters) -Japan's Nissan Motor said on Tuesday it was selling its roughly 1.5% stake in German carmaker Daimler through an accelerated bookbuild offer, following a similar move by alliance partner Renault in March.

a close up of a leather surface: FILE PHOTO: Frankfurt hosts the international Motor Show (IAA) © Reuters/Ralph Orlowski FILE PHOTO: Frankfurt hosts the international Motor Show (IAA)

The French carmaker, with Nissan, had exchanged stakes with Daimler a decade ago to strengthen their industrial partnerships.

Cooperation is continuing, Daimler and Renault said earlier this year, although people close the matter had said larger initial plans never materialised and the cross-shareholdings were no longer deemed necessary.

Investors were guided to expect pricing near Tuesday's closing price of 72.41 euros a share, a bookrunner organising the deal said.

Daimler shares were down 4.6% in after hours trading in Frankfurt.

At that price, Nissan would reap just under 1.2 billion euros ($1.4 billion) from the deal.

Bank of America and Societe Generale are organising the block trade.

($1 = 0.8321 euros)

(Reporting by Arno Schuetze; Editing by David Goodman and Mark Potter)

Nissan sells its Daimler stake, following Renault