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Daimler AG said it intends to dispose of all of its stake in Renault SA, valued at about $364 million.
The German luxury carmaker is launching an offer to institutional investors for 9.2 million shares following the Nov. 10 market close, Daimler said in a statement.
The automakers’ longstanding industrial partnership remains unchanged and won’t be impacted by the decision, it said.
Earlier this year, Nissan Motor Co. sold its entire stake in Daimler for 1.15 billion euros, joining its partner Renault in offloading the holding to generate funds for turnaround efforts.
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