Renault to sell Daimler stake to raise €1.2 billion
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.
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