Monday, November 29

Renault shares sold

After more than ten years, the Stuttgart-based car manufacturer Daimler is selling its stake in its French rival and partner Renault. The Daimler pension fund is selling its entire portfolio of 9.2 million Renault shares and has hired the investment banks BNP Paribas and BofA Securities, Daimler announced on Wednesday evening. The shares, which are worth EUR 316 million at the closing price on Wednesday, should be placed with institutional investors overnight. Daimler, Renault and their Japanese partner Nissan had wanted to underpin a comprehensive cooperation with a cross-shareholding, for example on the Smart and the Twingo. But the ambitious plans dwindled, the joint projects between Daimler and Renault are mainly limited to vans and transporters. Daimler has held 3.1 percent each of Renault and Nissan since 2011.

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