France’s Renault said on Friday that it has sold its entire stake in German car maker Daimler for around 1.14bn as it looks to pay off debt.
The 1.54% interest was sold at 69.50 per share in a placement to investors by way of an accelerated bookbuilding process.
“The proceeds of this sale will allow the Renault Group to accelerate the financial deleveraging of its Automotive activity,” it said.
Renault added that its industrial partnership with Daimler remains unchanged and is not impacted by the stake sale.
