Renault to divest its Daimler shares in debt reduction drive

French automaker Renault has said it will sell its 1.54% stake in Germany's Daimler to speed up the deleveraging of its automotive arm.

Renault said it will divest itself of the 16.45 million shares in Daimler through qualified investors via an accelerated bookbuilding process.

Taking Daimler's closing share price yesterday, the stake held by Renault will be worth around €1.18 billion.

“The industrial partnership between the Renault Group and Daimler remains unchanged and is not impacted by this financial transaction,” Renault said in a statement.

The French automotive firm and its Japanese partner Nissan exchanged stakes with Daimler in 2010 to strengthen their industrial partnerships.

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