Cross shareholding ends: Daimler sells its Renault shares

The car and commercial vehicle manufacturer Daimler is selling its Renault share package. The 9.2 million shares in the French manufacturer held by the Daimler pension fund are to be placed with investors by Bank of America and BNP Paribas. This emerges from a communication from Wednesday, which is available to the Bloomberg news agency. Based on the closing price on Tuesday, the package is worth a little more than 300 million euros.

With the share package, which corresponds to around three percent of the Renault shares, Daimler was so far the fifth largest Renault shareholder. Renault also held a stake in Daimler until the spring, but had already parted with the approximately 16 million shares in the German company in March. Daimler and Renault had each secured shares in the other manufacturer in 2010 in order to underpin the stronger industrial cooperation planned at the time. Hardly anything came of these plans, however. (dpa / swi)

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Lenny Li

I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

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