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Renault Sells Volvo Holding for $1.92 Billion to Lower Debt

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Renault SA, which is losing sales faster than any other European carmaker, sold its remaining Volvo AB stake for 12.8 billion kronor ($1.92 billion) to boost funding, ending an 11-year run as the Swedish truckmaker’s largest owner.

Renault disposed of a 6.5 percent holding at 92.25 kronor per share, 3.8 percent below yesterday’s closing price of 95.90 kronor, to reduce debt and invest in France, Russia and China, the company said in a statement today. Renault sold a 14.9 percent Volvo stake in 2010.