Renault Sells Daimler Stake for About $1.37 Billion
March 12 2021 - 2:46AM
Dow Jones News
By Mauro Orru
Renault SA said Friday that it has sold its stake in Daimler AG
for about 1.14 billion euros ($1.37 billion) through an accelerated
bookbuilding process.
The French car maker said it sold shares representing 1.54% of
Daimler's share capital at EUR69.50 a share.
Settlement should take place on Tuesday at the latest.
"The proceeds of this sale will allow the Renault Group to
accelerate the financial deleveraging of its automotive activity,"
Renault said in a statement.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
March 12, 2021 02:31 ET (07:31 GMT)
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