FRANCE: Renault group raises Société Marocaine de Construction Automobile stake
Renault has acquired all Fiat Auto Spa's holding in Morocco’s Société Marocaine de Construction Automobile (SOMACA), equivalent to 20%, for a total of €4.5 million.
Renault has acquired all Fiat Auto Spa’s holding in Morocco’s Société Marocaine de Construction Automobile (SOMACA), equivalent to 20%, for a total of €4.5 million.
This follows on from the acquisition in 2003 of the 26% share held by the Moroccan state, and Renault group’s holding in SOMACA has now risen from 34% to 54%.
SOMACA assembles Renault Kangoo passenger vans and will start production of the Logan in June 2005, as part of the agreement signed with the Moroccan authorities for the assembly of an economical family vehicle intended for both local and export sale.
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