Daimler to Sell Entire $366 Million Stake in Renault
10 November 2021 - 07:22PM
Dow Jones News
By Cristina Roca
Daimler AG intends to sell its entire stake in French rival
Renault SA, it said in a statement Wednesday.
The German luxury auto maker said it would launch an accelerated
bookbuild offer to institutional investors after market close on
Wednesday.
Daimler's pension trust holds 9.2 million shares in Renault,
worth 315.6 million euros ($366 million) based on the stock's
Wednesday closing price of EUR34.30.
The two companies' industrial partnership isn't affected by the
transaction, Daimler said.
Earlier this year, Renault sold its entire stake in Daimler for
about EUR1.14 billion.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
November 10, 2021 13:07 ET (18:07 GMT)
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