French carmaker Renault to sell its stake in Daimler to reduce debt




French carmaker said on Thursday it would sell all of its 1.54% stake in Germany’s in order to speed up de-leveraging of its automotive business.


said in a statement that it would sell its 16.45 million shares through a placement to qualified investors via an accelerated bookbuilding process.


Based on Daimler’s closing share price of 72.09 euros per share on Thursday, Renault’s stake would be worth a little more than 1.18 billion euros ($1.41 billion).


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


The French carmaker, with it Japanese partner Nissan , had exchanged stakes with Daimler in 2010 to strengthen their industrial partnerships.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *