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12/13/2012 11:00:00 AM Write a Letter to the Editor Write a letter to the Editor

Renault Sells Its 6.5% Stake in Volvo

Bruce Harmon/Trans Pixs

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.

A Volvo spokesman in Sweden told Bloomberg the company was publicly traded and had no comment.

Industrivaerden AB, which was Volvo’s second-largest shareholder before the sale, declined to say whether the company bought parts of Renault’s stake, Bloomberg reported.

By Transport Topics

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