Renault has announced that it has completed the ‘institutional private placement’ of 138,604,945 Series A shares of Volvo AB, its entire stake in the business.
Renault was the largest single investor in the company that owns Volvo Trucks and Renault Trucks. Prior to the sale, the Renault (cars) share represented 6.5% of the total share capital but 17.2% of the voting rights in Volvo AB. At a price of 92.25 SEK per share.
The proceeds from the transaction amounted to €1,476 million.
Renault acquired the Volvo shares when Renault’ Trucks was sold to Volvo in 2001 and reduced in 2010. The income will help Renault through the tough economic times ahead.