Renault has announced the sale of its entire stake in Daimler AG (some 16,448,378 shares representing 1.54% of the share capital of Daimler) at a price of 69.50 euros per share (a total amount of c. 1.143 billion euros), through a placement to qualified investors.
Renault said the proceeds of this sale will allow the Renault Group to 'accelerate the financial deleveraging of its Automotive activity'. It also said the industrial partnership between the Renault Group and Daimler remains unchanged and is not impacted by this financial transaction.
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Renault and Daimler have an industrial alliance that goes back to 2010 with small cross shareholdings and grew to encompass a number of projects including a shared architecture for Twingo and Smart models, some shared manufacturing sites and the shared development of a 1.3L engine which features in multiple Mercedes, Nissan and Renault models.
However, the future of the industrial alliance has been questioned in recent years, particularly as Daimler has struck JVs with Geely involving the Smart brand.
