Saudi Aramco to Buy 10% Stake in Renault, Geely Auto JV
- Oil company had indicated taking a stake of as much as 20%
- Deal values powertrain, hybrid JV at around $7.9 billion
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Saudi Aramco is poised to take a stake of about 10% in a powertrain joint venture with Renault SA and China’s Zhejiang Geely Holding Group Co., according to people familiar with the plan, a smaller commitment than originally signaled by the world’s biggest oil company.
The transaction is set to value Horse Powertrain Ltd. at around €7.4 billion ($7.9 billion) with Renault and Geely keeping roughly 45% each, the people said, asking not to be named before the agreement was finalized. An announcement could come by month’s end, the people said.