The Strategist

Daimler sells its stake in Renault

11/12/2021 - 08:28

German carmaker Daimler has sold its stake in France's Renault for €305 million, the Wall Street Journal reported, citing the company.

Ivan Radic
Ivan Radic
"Daimler said on Thursday it had sold its stake in Renault for about €305 million (about $350.2 million). 

After the close of trading on Wednesday, the German luxury car maker launched an accelerated offer to institutional investors, selling about 9.2 million ordinary shares it held in Renault," the report said.

However, Daimler said that such a sale would have no impact on the manufacturers' cooperation.

Renault in turn sold its entire 1.54% stake in Daimler in March for about €1.143 billion.

The company’s shares are now down 3.76% and Daimler shares are down 0.39% on the stock exchange.