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Nissan sells 50% of its stake in IBJ for ¥30 bn
Tokyo, March 18: Japan's Nissan Motor Co Ltd has sold nearly half its stake in Industrial Bank of Japan Ltd (IBJ), one of the three banks that comprise Mizuho Financial Group, for 30 billion yen ($245.6 million), a financial daily said on Sunday. Nissan, the fourth largest shareholder in IBJ as of end-March last year, is planning to sell all its shares in Mizuho group by the end of the business year ending in March 2002, the Nihon Keizai Shimbun said. The move was aimed at improving the capital efficiency of the Japanese car-maker and does not affect the relationship between the two companies, it said. Under a sweeping revival plan aimed at restoring Nissan to profit, President Carlos Ghosn aims to reduce the car-maker's group interest-bearing debt to less than 700 billion yen by the end of March 2003 from 1.15 trillion yen last October. IBJ is also selling shares it holds in Nissan, the newspaper said, but gave no more details. Nissan had 38.6 million IBJ shares at end-March 2000. Mizuho group, the world's largest bank by assets, comprises Fuji Bank Ltd, Dai-Ichi Kangyo BankLtd and IBJ.(Reuters) Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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