Nissan Motor Co. announced plans to repurchase $3.5 billion worth of its own shares before the end of 2016 to enhance return to shareholders, the company said in a statement.
“Return to shareholders is one of Nissan’s key objectives. We took this decision considering our financial status and outlook to continuously generate significant free cash flow,” said Carlos Ghosn, Nissan president and chief executive officer commented, adding the company was making an effort to balance the it’s financial strength and needs deriving from future business strategies.
The move is expected to bolster the value of Nissan’s individual shares, which like those of other global automakers have lagged in recent weeks in the face of uncertainty about the overall health of the global economy. (more…)