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Nissan Moves to Block Republic Purchases

January 21, 1998|Reuters

Torrance-based Nissan Motor Corp. USA said it is moving to block the sale of two dealerships to Republic Industries Inc., marking the breakdown of nearly a year of negotiations with the fast-growing dealership chain. The U.S. sales arm of Nissan Motor Co. of Japan said it filed a legal complaint with the Florida Department of Highway Safety and Motor Vehicles to block Republic's proposed purchase of two Nissan dealerships in the Jacksonville area. During the last year, Nissan said, it approved Republic's acquisitions of 14 Nissan and four Infiniti dealerships while it negotiated with Republic over the direction of its dealership policies. But Republic has balked at signing a formal agreement that would limit its Nissan holdings. Republic, based in Fort Lauderdale, Fla., has launched a massive dealership acquisition drive in the last two years. Nissan shares closed down 13 cents at $8.13 on Nasdaq; Republic shares closed down 13 cents at $21.38 on the American Stock Exchange.

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