Daimler Unwinds Renault Cross Holding With $362 Million Sale
- Partners Renault, Nissan exited Daimler stakes this year
- Automakers’ industrial partnership won’t be affected
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Daimler AG sold all of its stake in Renault SA, the next step in dissolving equity ties forged over a decade ago to cement a three-way partnership between the German carmaker, its French peer and Japan’s Nissan Motor Co.
The maker of Mercedes-Benz cars netted about 305 million euros ($362 million) from the sale, according to terms seen by Bloomberg. The move follows Daimler partners Renault and Nissan offloading their holdings in the German carmaker earlier this year to generate funds for turnaround efforts.