AUTO PUNDITZ
  • Team Auto Punditz

Renault to sell its stake in Daimler to reduce debt


Renault will be selling its entire stake of 1.54% stake in Germany's Daimler: 16.45 million Daimler shares through a placement to qualified investors via an accelerated book-building process.

This would amount to a little more than 1.18 billion euros ($1.41 billion)., based on Daimler’s closing share price of 72.09 euros per share on Thursday.

"The industrial partnership between the Renault Group and Daimler remains unchanged and is not impacted by this financial transaction," Renault said.

In 2010 too, The French carmaker, along with its Japanese partner Nissan, had exchanged stakes with Daimler, to strengthen their industrial partnerships.