Truckmaker AB Volvo said it would have no trouble relying solely on its Swedish investors if Renault decided to sell its stake in the company, chairman Louis Schweitzer told a Swedish newspaper.
He told the business daily Dagens Industri:”I see the big Swedish institutions as long-term and stable owners who give the company a good shareholding structure.
“Volvo would handle itself well if Renault sold [its stake],” added Schweitzer, who also played down the strength of his links with the French carmaker – he was formerly Renault’s chief executive – saying that the only information he had was from the media.
Renault owns a 20.7% stake in AB Volvo and last week signed a partnership deal with Daimler to share engine technology, reviving media speculation the French carmaker might be looking to offload its stake in Volvo.
Schweitzer said the Renault-Daimler partnership was not a problem for Volvo as it mostly concerned the market for cars, not trucks. He added Renault saw its alliance with Nissan, in which it owns a 44.4% stake, as more vital to its business than the investment in Volvo.
“The holding in Volvo could be sold if Renault encountered serious financial difficulties,” he said.