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French automaker Renault SA sold its remaining 6.5% stake in Volvo AB for about $1.92 billion, ending an 11-year run as Volvo’s largest owner, Bloomberg reported Thursday.
Renault sold its holdings at about $13.80 a share — about 3.8% below Wednesday’s closing price of about $14.40 per share. Volvo, Gothenberg, Sweden, trades it shares in Swedish kronor.
Renault sold the shares to reduce its debt and invest in France, Russia and China, the company said in a statement.
It had sold a 14.9% stake in Volvo in 2010 for about $4 billion. Renault acquired its holding in 2001, when it sold its heavy-truck unit to Volvo, Bloomberg reported.
Volvo AB is the parent company of Volvo Trucks and Mack Trucks, both of which make heavy-duty trucks in North America.