Renault wants to get rid of Daimler shares and reduce debt

finance

The industrial partnership of the two car companies is not affected, it is said. The share package is worth over a billion euros.

Renault wants to get rid of Daimler shares and reduce debt

The ailing French car maker Renault wants to use the recent good run of Daimler shares and sell all of the remaining shares in the group. The 16.4 million Daimler shares up for sale represent around 1.54 percent of the DAX Group's share capital. The French want to use the proceeds to reduce their debts, said Renault in Paris on Thursday evening.

The block of shares should be placed with professional investors by means of an accelerated offer process. The industrial partnership with Daimler is not affected by the transaction, it said.

At Daimler's Xetra closing price on Thursday at 72.09 euros, the total package of shares would be worth around 1.19 billion euros. Usually, however, discounts have to be accepted for large placements. The Daimler share has gained more than 60 percent since the beginning of November 2020. Renault posted a record loss of 8 billion euros last year, mainly due to the deep red numbers at its Japanese partner Nissan and the Corona crisis.

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