Renault to sell Daimler stake to raise €1.2 billion

Thursday, 11. March 2021 20:18

French automobile manufacturer Renault announced on Thursday it will sell its entire 1.54% stake in German Daimler in order to pay off some debt and "accelerate the financial deleveraging of its Automotive activity".

After the selling transaction is complete, Renault will raise around €1.2 billion, depending on the closing share price. Renault also stressed that industrial partnership with Daimler "remains unchanged and is not impacted".

Prior to the announcement, Renault displayed a record €8 billion worth of loss in 2020 and €3.6 billion of net debt. Daimler shares dropped 1.6% to $21.2 at 2:17 pm ET.

Related Links: Daimler AGRenault S.A.
Author:
Breaking the News / LH