Daimler – Renault shares sold – Economy

After more than ten years, the Stuttgart-based automaker Daimler is selling its stake in its French rival and partner Renault. The Daimler pension fund is selling its entire portfolio of 9.2 million Renault shares and has called on investment banks BNP Paribas and BofA Securities, Daimler announced Wednesday evening. The shares, which are worth 316 million euros at Wednesday’s closing price, are expected to be placed with institutional investors overnight. Daimler, Renault and their Japanese partner Nissan wanted to support a global cooperation with cross-participation, for example on the Smart and the Twingo. But as ambitious plans dwindle, joint projects between Daimler and Renault are mainly limited to vans and carriers. Daimler has owned 3.1% each of Renault and Nissan since 2011.

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