Renault sells 1.5% share in Daimler as it pursues improved profits

Renault has sold its 1.5% share in Mercedes-Benz carmaker Daimler for 1.143 billion euros (£0.98bn) as its looks to reduce debt and leverage profits.

The French car manufacturer revealed in a statement issued this morning (March 12) that it had completed the successful sale of its entire stake in Daimler AG – amounting to 16,448,378 shares – through a placement to qualified investors.

It added: “The proceeds of this sale will allow the Renault Group to accelerate the financial deleveraging of its Automotive activity.