By Cristina Roca 
 

Daimler AG intends to sell its entire stake in French rival Renault SA, it said in a statement Wednesday.

The German luxury auto maker said it would launch an accelerated bookbuild offer to institutional investors after market close on Wednesday.

Daimler's pension trust holds 9.2 million shares in Renault, worth 315.6 million euros ($366 million) based on the stock's Wednesday closing price of EUR34.30.

The two companies' industrial partnership isn't affected by the transaction, Daimler said.

Earlier this year, Renault sold its entire stake in Daimler for about EUR1.14 billion.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

November 10, 2021 13:07 ET (18:07 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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