Japan's Nissan Motor Co. will sell its all stake in Nissan Diesel Motor Co. to Swedish car and truck maker Volvo, Nissan said on Monday.
Nissan sold 13 percent of its stake to Volvo, Europe's second-largest truck maker after DaimlerChrysler AG, in March and will sell the rest. worth six percent of its stake, to Volvo.
Volvo will keep the acquisitionâ€™s name as Nissan Diesel, Japan's fourth-largest truck maker, while it will close 50 years of its capital ties with Nissan.
Volvo bought preferred stock in the Nissan Diesel from Mizuho Corporate Bank and Resona Bank Ltd. and will hold 46.5 percent of the truck makers stake, spending $553.2 million.
Nissan will earn about $86 million from the sellout. Nissan wants to strengthen its auto production while Volvo seeks growth in Asia.