Nissan sells its Daimler stake, following Renault

Editor's note: This story has been updated and corrected with the final price paid for the stake, which was $1.4 billion.

FRANKFURT -- Japan's Nissan Motor Co. said sold its roughly 1.5 percent stake in German carmaker Daimler AG through an accelerated transaction, following a similar move by alliance partner Renault in March.

Nissan sold the stake for 1.15 billion euros ($1.4 billion).

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 materialized and the cross-shareholdings were no longer deemed necessary.