The Renault Group announced on Thursday that it plans to sell off its entire stake in Daimler AG to drive forward the deleveraging of its automotive business. Today (Friday morning), it has confirmed the sale of its equity stake in the German automaker.

In an official statement issued late last night, the Renault Group said: “Renault SA announces today that it intends to sell its entire stake in Daimler A.G  (i.e. 16,448,378 shares, representing 1.54% of the share capital of Daimler) through a placement to qualified investors, as defined in Article 2 point (e) of Regulation (EU) 2017/1129 as amended, by way of an accelerated bookbuilding process.

Renault said, “The industrial partnership between the Renault Group and Daimler remains unchanged and is not impacted by this financial transaction (except for the waiver to ensure reciprocity among the two companies of the obligation for Daimler to propose first to Renault to acquire its shares in case of a sale through a capital markets transaction.)

On Friday morning, Renault has confirmed successful sale of its entire stake in Daimler AG – 16,448,378 shares representing 1.54% of the share capital of Daimler – at a price of 69.50 euros (Rs 5,745) per share which constitutes a total amount of 1.143 billion euros (Rs 9,450 crore), through a placement to qualified investors. Daimler's shares are listed on the regulated markets of Stuttgart and Frankfurt