Deals

Renault to Sell $1.4 Billion Daimler Stake, Maintain Partnership

French carmaker confirms proceeds from offloading 1.5% holding
Industrial partnership with Mercedes-Benz maker is unaffected

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By Christoph Rauwald, Ruth David, and Geraldine Amiel

March 11, 2021 at 5:04 PM UTC

Updated on

March 12, 2021 at 7:27 AM UTC

This article is for subscribers only.

Renault SA has sold its stake in Daimler AG for 1.14 billion euros ($1.4 billion) to secure funds for its turnaround efforts after a record annual loss.

The French carmaker exited its entire 1.5% holding in Daimler, according to a statement Friday. Renault divested its shares via a placement at 69.50 euros a piece.