Daimler wants to sell entire Renault stake – shares inconsistent
Daimler wants to part with the entire stake in the French Renault SA.
As announced by Daimler AG, an accelerated private placement process for institutional investors is to be started after the market closes on Wednesday. The Daimler pension fund holds 9.2 million Renault shares valued at 315.6 million euros, based on the share’s closing price of 34.30 euros on Wednesday.
The industrial partnership between the two companies will not be affected by the transaction, according to Daimler. At the beginning of this year, Renault had sold its entire stake in Daimler for around 1.14 billion euros.
The Daimler share is at times 0.24 percent higher in XETRA trading at EUR 88.30. Renault papers temporarily give way in Paris by 3.09 percent to 33.24 euros.
Von Cristina Roca
PARIS (Dow Jones)
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